Nigerian Stock Mark NSE market capitalisation rises by N27bn

The market capitalisation of the Nigerian Stock Exchange (NSE) on Wednesday increased by N27 billion in spite of the major losses incurred by blue chip equities. The market capitalisation which opened with N6.611 trillion rose by N27 billion, representing 0.41 per cent to close at N6.638 trillion. The increase, according to the NSE, was due to the listing of Union Bank of Nigeria (UBN) rights issue of 16.94 billion ordinary units.
The All-Share Index depreciated by 30.97 basis points or 0.15 per cent to close at 20,814.35 as against 20,845.32 recorded on Tuesday. NewGold led the price losers’ chart recording a loss of N3 to close at N2, 525 per unit. Okomu Oil followed with a loss of N1.53 to close at N30.30, while Flour Mills dipped by N1.09 to close at N54.01 per share. Ashaka Cement depreciated by 47k to close at N9.11 while Zenith dropped by 45k to close at N12.63 per share.
On the hand, UACN topped the price gainers chart gaining N1.50 to close at N31.56 per share. CAP trailed with N1 to close at N21.02, while GlaxoSmithKline grew by N20.21 per share. Julius Berger appreciated by 74k to close at N30.99, while UAC-Property rose by 50k to close at N10.51 per share. The banking sub-sector remained the toast of investors accounting for 127.59 million shares worth N1.02 billion exchanged in 2,162 deals. GTB, for the second consecutive day, drove activities in the sub-sector with a total of 29.44 million shares worth N427.57 traded in 517 deals.
Diamond followed with 19.85 million shares valued N49.24 million exchanged in 59 deals. Investors staked N1.39 billion on 168.08 million shares traded in 3,816. This was against 216.71 million shares valued N2.13 billion traded in 3,560 deals on Tuesday