Transactions remained upbeat on the Nigerian Stock Exchange (NSE) on Tuesday with the market capitalisation crossing to N12 trillion mark for the first time in over two years.
The News Agency of Nigeria reports that the market capitalisation grew by N142 billion or 1.19 per cent to close at N12.085 trillion against N11.943 trillion achieved on Monday.
Also, the All-Share Index moved to 35,000 mark appreciating by 412.95 points or 1.19 per cent to close at 35,065.47 compared with 34,652.52 posted on Monday.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd. , linked the growth to impressive half year report and interim dividends declared by some quoted companies.
Omordion said that investors anticipation of more improved half year earnings contributed to the current price rally.
Nestle recorded the highest gain for the day, increasing by N8 to close at N910 per share. Forte Oil followed with gain of N5.40 to close at N62.90 and Okomu Oil appreciated by N3 to close at N67 per share.
United Bank for Africa (UBA) increased by 65k to close N10.10, while Zenith International Bank grew by 60k to close at N23.85 per share.
On the other hand, Nigerian Breweries recorded the highest price loss, leading the losers’ table with a loss of N3.40 to close at N155.60 per share.
UACN trailed with a loss of 71k to close at N16.68 and Dangote Sugar dipped 42k to close at N8.71 per share.
NASCON dropped by 15k to close at N9.15, while Lafarge Africa also lost 15k to close at N60.05 per share.
In spite of the hike in market indices, the volume of shares traded dropped marginally to 288.58 million shares valued at N2.46 billion exchanged in 2,578 deals.
This was in contrast to a total of 293.75 million shares worth N3.95 billion transacted in 3,712 deals on Monday.
UBA recorded the highest volume of activities, exchanging 118.45 million shares valued at N1.20 billion.
Transcorp followed with an account of 38.31 million shares worth N63.19 million and Fidelity Bank traded 25.64 million shares valued at N33.01 million.
Access Bank exchanged 21.40 million shares worth N216.77 million, while Fidson Healthcare sold 12.61 million shares valued at N38.84 million.