Flexible forex policy: NSE market capitalisation crosses N10trn mark

Whatapp News

Lagos   –  The market capitalisation of the Nigerian Stock Exchange (NSE) on Friday, crossed N10 trillion mark for the first time in 2016.

This was as a result of the Central Bank of Nigeria’s (CBN) recent announcement on flexible foreign exchange window.

The News Agency of Nigeria (NAN) reports that the market capitalisation rose by N262 billion or 2.66 per cent to close at N10.04 trillion compared with N9.78 trillion achieved on Thursday.

Similarly, the All-Share Index crossed 29,000 mark, appreciating by 757.40 points or 2.66 per cent to close at 29,247.27 against 28,489.87 posted on Thursday.

NAN reports that the growth was strongly boosted by price appreciation recorded by some highly capitalised stocks such as Nigerian Breweries, Dangote Cement, GT Bank, Guinness, Lafarge Africa and Zenith Bank.

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Dangote Cement topped the gainers’ table with a gain of N8.75 to close at N183.81 per share.

Nigerian Breweries rose by N7.10 to close at N148.86 and Guinness inched N1.50 to close at N104 per share.

Lafarge Africa garnered 99k to close at N75, while GT Bank gained 91k to close at N21.61 per share.

Conversely, Total recorded the highest price to lead the losers’ chart, losing N5.99 to close at N173.01 per share.

Con Oil dipped N1.15 to close at N21.85, while NAHCO lost 45k to close at N4.23 per share.

Berger Paints dropped 40k to close at N7.60 and Oando shed 32k to close at N7 per share.

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NAN also reports that United Bank for Africa was the most traded stock with an exchange of 187.14 million shares valued at N897.29 million.

It was followed by FBN Holdings having accounted for 100.72 million shares worth N439.09 million, while Zenith Bank traded 63.92 million shares valued at N1.07 billion.

GT Bank sold 60.88 million shares worth N1.28 billion and Access Bank traded 57.20 million shares valued at N341.04 million.

In all, a total of 628.75 million shares worth N6.79 billion were exchanged by investors in 5,965 deals.

This was in contrast with 618.25 million shares valued at N5.41 billion transacted in 6,757 deals on Thursday. (NAN)

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