Market indices record 2.27% growth

The market indices of the Nigerian Stock Exchange (NSE) on Tuesday rebounded by 2.27 per cent as investors reacted positively to the implementation of the new foreign exchange regime.

The News Agency of Nigeria (NAN) reports that market capitalisation rose by N224 billion to close at N10.11 trillion against N9.88 trillion recorded on Monday.

Also, the All-Share Index which opened at 28,769.90 points appreciated by 652.81 points or 2.27 per cent to close at 29,422.71 points amid huge gains by some blue chips.

An analysis of the price movement showed that Nestle topped the gainers' table with a profit of N21.12 to close at N816 per share.

Lafarge Africa increased by N2.90 to close at N77.90 per share and Total Nigeria advanced by N12.30 to close at N179.30 per share.

Conversely, Transcorp topped the losers' chart, dropping by 14k to close at N1.43 per share.

Caverton trailed with a loss of 6k to close at N1.40 per share, while HoneyWell Flour Mills shed 6k to close at N1.83 per share.

Unity Bank and NEM Insurance lost 5k each to close at N1.12 and 99k per share, respectively.

In the same vein, the volume of shares traded in the transactions surged by 27.99 per cent with an exchange of 533.32 million shares valued at N6.79 billion achieved in 5,736 deals.

NAN reports that this was in contrast with 416.66 million shares worth N2.25 billion traded in 4,684 deals on Monday.

Banks stocks remained the toast of investors with Guaranty Trust Bank emerging the most traded, accounting for 104.95 million shares valued at N2.30 billion.

It was trailed by United Bank for Africa with an exchange of 104.93 million shares worth N513.04 million, while Zenith Bank sold 83.74 million shares valued at N1.39 billion.

FBN Holdings exchanged 75.56 million shares worth N326.77 million and Access Bank traded 48.25 million shares valued at N291.94 million.