Nigerian stock exchange records huge success with over 33,000 mark

The Nigerian Stock Exchange services is the largest economy in Africa. The Exchange offers listing and trading services, licensing services, market data solutions, ancillary technology services and more. Also, it is an open, professional and vibrant exchange, connecting Nigeria, Africa and the world.

In the past few years, the Nigerian stock exchange has faced some challenges that led to its set back. Just of recent, the Exchange recorded a huge success as the All-Share Index crossed the 33,000 mark for the first time since June 2015.

It was reported that the index grew by 338.70 points or 1.03 per cent to close at 33,276.68 against 32,937.98 achieved on Thursday.

Also, the market capitalisation inched N117 billion or 1.03 per cent to close at N11.503 trillion compared with N11.386 trillion posted on Thursday due to huge gains by some blue chips. However, an analysis of the price movement chart indicated that Seplat led the gainers’ table, growing by N43.56 to close at N468.56 per share.

It was reported that some market analysts attributed Seplat’s steady price appreciation to recovering of lost crude output after force majeure was lifted on the Forcados export terminal.

In response to this success, Seplat stated that the lifting of the force majeure helped it to successfully reinstate gross production at its oil mining licences 4, 38 and 41 to levels last seen before the terminal’s closure.

A detailed analysis of the price movement table showed that Forte oil followed with N5.97 to close at N64.30 and International Breweries increased by N2.99 to close at N32.23 per share. Also, Presco gained N2.97 to close at N62.50, while Total N2.50 to close at N282 per share. In addition, Flour Mills topped the losers’ pack with a loss of N1.20 to close at N27.60 per share.

Similarly, it was also analyzed that Mobil trailed with a loss of N1.14 to close at N285.86, while Nigerian Breweries shed 50k to close at N156 per share and Unilever declined by 45k to close at N35.55, while UPL depreciated by 37k to close at N3.46 per share.

Reports also indicated that Access Bank was the toast of investors in volume terms, accounting for 125.01 million shares valued at N1.29 billion. It was trailed by FCMB Group with 105. 75 million shares worth N147.48 million, while Diamond Bank sold 72.96 million shares valued at N108.26 million. FBN Holdings traded 71.99 million shares worth N504.32 million and Fidelity Bank exchanged 55.78 million shares valued at N80.12 million.

In overall, a total of 686.30 million shares worth N6.07 billion were exchanged by investors in 6,785 deals against 528.69 million shares valued at N4.84 billion in 5,603 on Thursday.

This huge shares value is a great indication that the Nigerian Stock Exchange is back to its feet. This will go a far mile to encourage and grow businesses in Nigeria