• Wednesday, June 19, 2024
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BusinessDay

Large cap stocks lift Nigeria’s market further high

Nigeria Stock Exchange

Nigeria’s stock market moved further into the positive territory at the close of the trading session on Wednesday, September 23.

The market’s benchmark performance indicator went up by +0.50percent while the market capitalisation increased by N67billion, both recording their third consecutive gain this week.

The market rallied as investors were seen increasing their equity stakes in some largely capitalised counters like Seplat Petroleum Development Company Plc, Nigerian Breweries Plc, MTNN Plc, Mobil Oil Nigeria Plc, and Flour Mills Nigeria Plc.

Seplat stocks rallied most at the close of the remote trading session, moving from N385 to N400, up by N15 or 3.90percent. It was followed by Nigerian Breweries Plc which rose from N42 to N43.5, adding N1.5 or 3.57percent.

Also on the top advancer list is MTNN which increased from N123 to N123.9, after adding 90kobo or 0.73percent. The share price of Mobil Oil Nigeria Plc also rallied from N192.5 to N193.1, adding 60kobo or 0.31percent; while Flour Mills Nigeria Plc followed from N19.65 to N20, adding 35kobo or 1.78percent.

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) increased by 0.50percent to 25,783.02 points, from the preceding day’s low of 25,654.90 points.

The stock market’s negative return year-to-date (YtD) decreased to – 3.95percent. The stock market capitalisation increased by N67billion to N13.474trillion, from the preceding trading day low of N13.407trillion.

In 3,793 deals, investors exchanged 414,161,428 units valued at N6.280billion. Actively traded stocks include Sterling Bank, FBN Holdings, Access Bank, Zenith Bank, and MTNN.