Stock Market Sustains ₦16 Trillion Market Value as Dangote, GTBank, Others Close in the Green

Guaranty Trust Bank, Dangote Sugar, FCMB and other listed stocks sustained Nigerian Stock Exchange (NSE) above the ₦16 trillion market capitalisation on Wednesday.

Investors traded total shares of 286,446 million valued at ₦3.095 billion in 2,889 transactions during the trading hours of Wednesday.

The market capitalisation of listed equities rose to ₦16.068 trillion, while the NSE All-Share Index gained 0.03 percent to 30,741.88 basis points.

In terms of volume traded, Access Bank led with 145,012,316 shares valued at ₦1,167,016,910.85. This was trailed by Zenith Bank with 21,865,005 shares worth ₦477,846,561.90.

UBA, Mbenefit and Stanbic followed with 17,042,780, 13,034,513 and 11,313,031 valued at ₦130,010,919.65, ₦2,608,152.60 and ₦520,394,604.65, respectively.

CAP led top gainers for the day with 70 kobo or 3.14 percent gain to settle at ₦23 per share. FCMB came second with 15 kobo or 5.17 percent gain to close at ₦3.05 per unit.

GTBank, Dangote Sugar and Caverton followed with 1 kobo or 0.31 percent, 1 kobo or 65 percent and 0.07 kobo or 3.68 percent to call it a day at ₦32.1, ₦15.5 and ₦1.97 per shares, respectively.

On the other hand, Julius Berger led losers with 45 kobo or 2.5 percent decline to ₦17.5 per unit share. Glaxosmith came second with 1 kobo or 1.67 percent decline to ₦5.9 per share.

First Bank Holding, UBN and ETI depreciated by 0.05 each to ₦6.3, ₦5,5 and ₦5.15 per share, respectively.

Nigerian Stock Exchange has been on fire since the Central Bank of Nigeria lowered the nation’s borrowing cost by 100 basis points to 11.5 percent to stimulate growth and deepen borrowing.

Presently, the Nigerian Stock Exchange is the second performing stock market among over 93 stocks tracked by Bloomberg and has returned over 13 percent this year despite the negative impact of COVID-19.