Nigeria’s bourse sustained bullish trend on Tuesday with the market capitalisation hitting N12 trillion mark for the first time in 2019, in spite of the upcoming general elections following buying sentiments.
Specifically, the market capitalisation inched N254 billion or 2.14 per cent to close at N12.105 trillion against N11.851 trillion achieved on Monday.
Similarly, the All-Share Index, which opened at 31,781.87 rose by 680.44 points or 2.14 per cent to close at 32, 462.31.
Analysts at the Cordros Capital said that outlook for equities in the near-to-medium term remained conservative.
“We guide investors to trade cautiously, amidst absence of a near term catalyst and political jitters ahead of the upcoming 2019 elections.
“However, macroeconomic fundamentals remain stable and supportive of recovery in the long term,” they said.
The market indicators were lifted by massive gains posted by some highly capitalised stocks led by Nestle.
It recorded the highest price gain to lead the gainers’ table, gaining N90 to N1,590 per share.
Seplat followed with gain of N34.50 to close at N600, while Dangote Cement improved by N4.30 to N189.30 per share.
Mobil Oil added N4 to close at N184, while Nigerian Breweries advanced by N2.05 to close at N80.05 per share.
On the other hand, Okomu Oil recorded the highest loss, shedding N1.05 to close at N21 per share.
Julius Berger lost 50k to close at N25.50, while Stanbic IBTC was down by 20k to close at N47.80 per share.
Diamond Bank was the most active stock, exchanging 125.82 million shares valued at N304.39 million.
Zenith Bank followed with an account of 63.18 million shares worth N1.58 billion, while Guaranty Trust Bank sold 57.13 million shares valued at N2.23 billion.
Transcorp traded 49.72 million shares worth N76.05 million, while Access Bank sold 49.49 million shares valued at N354.09 million.
In all, the volume of shares traded rose by 5.22 per cent, while value of shares appreciated by 42.12 per cent.
Consequently, investors staked N8.03 billion shares on 580.41 million shares exchanged in 7,052 deals.
This was not contrast with a turnover of 551.59 million shares worth N5.65 billion traded in 5,220 deals on Monday.