Nigerian equities market at 11-month highest

Nigerian Stock Exchange (NSE)

The Nigerian equities market peaked highest in about a year on Friday, as market capitalisation appreciated at an all year high of N10,845,347,307,117.93.

Figures obtained by PREMIUM TIMES showed that the All Share Index (ASI) also peaked at an all year high of 31,371.63.

Nestle, Dangote Cement, Conoil and Nigerian Breweries were the top gainers.

Nestle, the figures revealed, gained 43.75; Dangote Cement, 9.18; Conoil, 3.45; and Nigerian Breweries, 3.15.

The top losers were Mobil and UPL, which recorded deficits of -8.87 and -0.2, respectively.

Others on the top losers’ list are Custodyins, -0.4;  LawUnions, -0.08; and CILeasing which recorded -0.03.

A total of 6,039 deals were struck, which were valued at 8,255,569.

Stocks from Diamond Bank, First Bank, UBA, Access Bank and FCMB attracted the highest trades.

Market analysts said the development was driven by gains in banking shares as investors took advantage of the low valuation for some commercial banks’ shares.

Others opined that sustenance of the spike would be determined by the Central Bank of Nigeria, CBN’s monetary policies in the coming weeks.

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