Nigerian Stock Exchange Market Capitalization Hits N16.080 Trillion

On Wednesday, the Nigerian Stock Exchange (NSE) persevered with the market capitalization which opened at N15.782 trillion inched N298 billion or 1.89 per cent to shut at N16.080 trillion.

Also, the All-Share Index rose by means of 830.52 points or 1.89 per cent to shut at 44,885.24 in contrast with 44,054.72 executed on Tuesday.

Mr Oscar Onyema, the NSE Chief Executive Officer, attributed the market increase to great performance of 2017 which boosted investors’ confidence.

Onyema said that the overseas exchange exporter window introduced by using the Central Bank of Nigeria (CBN) in 2017 contributed to the market growth.

According to him, the rise of crude oil at the worldwide market contributed to the price rally as nicely as investors’ anticipation of multiplied performance from corporations for the yr ended Dec. 31, 2017.

Major blue chips posted price boom with Mobil Oil leading the gainers’ desk with N16.50 to shut at N216 per share.

Dangote Cement came 2d with a attain of N13 to shut at N273, while Guinness liked via N5.70 to close at N119.70 per share.

Betaglass added N2.69 to shut at N56.56, while Conoil accelerated by way of N1.97 to close at N41.38 per share.

On the different hand, Nigerian Breweries led the losers’ chart, shedding N3.44 to shut at N146.05 per share.

NASCON trailed with a loss of N1.10 to shut at N21, while Zenith International Bank declined by N1.01 to shut at N33.50 per share.

Cadbury depreciated by 80k to shut at N15.31 while, Dangote Flour Mills dipped 39k to shut at N15.95 per share.

Also, the extent of shares traded rose via 51.20 per cent as traders staked N12.52 billion on 960.75 million shares transacted in 8,866 deals.

This was once against a turnover of 635.40 million shares valued at N7.64 billion traded in 7,331 deals.