Business
Amidst election fright, Investors gain N228bn as stock market bounces back
In what appears as a shake off of tensions around the general election, investors in Nigeria’s stock market on Thursday gained N228.1 billion as market capitalisation of equities rose to N11.722 trillion.
Anaylists had allayed fears that the market might have to wait till May, after the election, before recovering from the presumed political tensions that plunged it into sell-offs in December last year.
The market capitalisation fell below the N11tn mark from N11.72tn on December 31, 2018 but gained 1.98 per cent on Thursday, its best performance in 2019.
The All Share Index increased from 30,821.80 basis points on Wednesday to 31,433.49bps on Thursday.
Banking stocks topped both the traded stocks and value with United Bank for Africa Plc (136.8 million units), Zenith Bank (63.4 million units) and Access Bank Plc (44.4 million units) as top traded stocks by volume.
Read also: Investors pledge $90.9bn for 93 projects in Nigeria
Zenith Bank (N1.5bn), GTB (N1.2bn) and UBA (N987.1m) were the top traded stocks by value.
Volume and value traded both increased by 21.8 as a total of 436.7 million shares worth N5.88bn exchanged hands in 4,047 deals while banking index, with 5.8 per cent increase on the back of gains in bellwethers, becoming the highest gainer.
Stock prices of Nestlé Nigeria Plc, Dangote Sugar Refinery Plc, Dangote Cement Plc and Lafarge Africa Plc recorded major appreciation as the consumer goods and industrial goods indices increased by 3.4 per cent and 1.5 per cent respectively.
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