Blue chip stocks buoy NSE value by N50bn
By LAZARUS IBEABUCHI
ABUJA: Price gains on major blue chip stocks listed on the Nigeria Stock Exchange, NSE, resulted in the market capitalization appreciating by N50.59 billion last week.
The NSE All-Share Index, which opened the week at 26,559.55 closed at 26,718.30 thereby appreciating 158.75 points or 0.60 per cent. The Market Capitalization of the listed equities increased by N50.588 billion or 0.60 per cent to close at N8.514 trillion.
The analysis of the equity price movements indicated that thirty equities gained while thirty-nine equities recorded price declines and prices of 129 equities remained constant. When compared with the preceding week, twenty-one equities gained while fifty-two equities recorded price declines and prices of 125 equities remained constant.
The stock market recorded a turnover of 1.189 billion units of shares valued at N11.491 billion exchanged hands in 22,277 deals last week compared to 1.512 billion shares valued at N12.950 billion that was exchanged the penultimate week in 23,039 deals.
The Financial Services sector continued its vibrant dominance in the activity chart (measured by turnover volume) recording the highest trading volume of 835.158 million units of shares valued at N6.380 billion traded in 13,326 deals, representing 70.00 per cent, 55.52 per cent and 60.00 per cent, of the volume, value and number of deals executed on the stock market respectively during the week.
Dangote Sugar Refinery Plc of the Food Products sub sector was the most active with a volume of 120.168 million units followed by Zenith Bank Plc and United Bank for Africa Plc. The top three equities with a total volume of 324.977 million units of shares contributed 27.00 per cent and 25.79 per cent respectively to the total turnover and value for the week.