The Nigerian Stock Exchange (NSE) has recorded a N34 billion ($213.5 million) rise in its market capitalization, following positive returns on several blue chip stocks.
Tuesday’s trading at the bourse revealed a 0.29 percent appreciation from N11.905 trillion ($74.76 billion) at the start of business, to close at N11.939 trillion ($74.97 billion). An outcome that strengthens the Exchange’s target for a $1 trillion market cap by 2016.
According to analysts, the stock appreciation is a result of its positive year-end earnings.
Companies that topped the gainers list include Forte Oil, which led the chart with a N6.58 ($0.04) gain to close at N70.88 ($0.45). Other gainers were Guinness Nigeria, with N6.06 ($0.038) to close at N246.02 ($1.54), and Nigerian Breweries, up to N176 ($1.1) after a N4 ($0.025) appreciation.
Indigenous oil firm, Conoil, also managed a N1.92 ($0.012) gain to end the day N40.48 ($0.25).
At the backend of the trading list is Cadbury Nigeria. The company recorded the greatest loss (N2.50 ($0.015) N56.50 ($0.35) per share). Other companies such Zenith Bank, Larfarge Wapo and Unilever also posted marginal losses.
