Market capitalisation increases by N17bn

The market capitalisation of listed equities on the Nigerian Stock Exchange recorded a marginal rise on Monday.The stock market had opened with a capitalisation of N6.282tn, but moved up by N17bn or 0.26 per cent to close at N6.299tn.Similarly, the NSEs All Share Index increased by 52.29 basis points, rising from 19,963.37 points recoded on Friday to close at 20,015.66 points.Three major market indicators recorded depreciation, just as one increased marginally, and the fifth neither increased nor decreased in points.The NSE Oil/Gas index maintained the 241.16 points recorded on Friday. The NSE 30 increased by 3.35 points to close at 891.94, while the NSE Food/Beverage, NSE Banking and NSE Insurance indices declined by 2.75, 4.94 and 0.1 basis points to close at 552.97, 264.22 and 146.87 points, respectively.The rise in equities prices on Monday signalled hope for the stock market, according to analysts who spoke with our correspondent. They explained that the Nigerian bourse recorded gains just as other markets globally.According to them, plans by the legislators to mandate conglomerates in the telecommunications and oil and gas sectors to be quoted on the NSE will impact positively on the Exchange. They stressed that this would enable the Nigerian market to bounce back speedily.They, however, called for more regulatory reforms that would guarantee further advancement of the bourse.Meanwhile, the Banking sub-sector continued its lead on the activity chart, in terms of volume of traded shares. Investors in the sub-sector exchanged 160.891 million shares worth N1.181bn in 1,968 transactions.Trading in the shares of First Bank of Nigeria Plc, United Bank for Africa Plc and Zenith Bank Plc boosted activities in the banking sub-sector. Activities in the banking sub-sector accounted for 77 per cent of total turnover for the day.A total of 18 stocks recorded price appreciation, in contrast to 23 that recorded losses.Guinness Nigeria Plc led the price gainers, rising by 4.99 per cent or N10.24 to close at N215.25 per share. Ecobank Nigeria Plc, on the other hand, led the price losers, shedding five per cent or 0.10 to close at N1.90 per share.
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