The Nigerian equities market bounced back from a lengthy stay in the Reds following the release of the new forex policy by the Central Bank of Nigeria on Wednesday, June 15.
Market capitalization gained N294.6 billion to close at N9.579 trillion compared to a loss of N23.8 billion recorded on Tuesday, June 14 to close at N9.284 trillion.
Aggregate market value of all quoted equities jumped to N9.579 trillion from its opening value of N9.285 trillion, indicating a gain of N294 billion.
Dangote Cement, NSE’s most capitalized stock, led 32 other stocks on the gainers’ list with a gain of N8.20 to close at N172.20. Mobil Oil Nigeria followed with a gain of N7.99 to close at N169.50. Nigerian Breweries rose by N5.75 to close at N133.75. Guinness Nigeria added N4.90 to close at N102.90 while Guaranty Trust Bank gathered N1.44 to close at N19.95 per share.
Total turnover was above average with the exchange of 588.42 million shares valued at N3.48 billion in 5,088 deals. The three most active stocks were United Bank for Africa (UBA), with 197.20 million shares; Skye Bank, 74.55 million shares and FCMB Group, with 54.49 million shares.
Foreign investors accounting for more than half of Nigerian stock market transactions, who had remained dormant due to foreign restriction joined the bargain-hunting at the Nigerian Bourse, leading the market safely to .
Equities Market N294billion As More Investors Focus on Bargain Hunting https://t.co/WIQovKR4AG
Equities Market N294billion As More Investors Focus on Bargain Hunting https://t.co/vItqSU54mD