The equities section of the Nigerian Stock Exchange began the New Year on a remarkable note, with indices appreciating further.

The NSE All-Share Index appreciated by 1.50 per cent or 422.40 basis points to close on Wednesday, at 28,501.21 points, up from 28,078.81 points recorded the previous day,

Similarly, the market capitalisation of the listed equities rose significantly by N132bn or 1.5 per cent to hit the N9tn mark as it closed at N9.106tn, up from N8.974tn recorded at the end of last year.

According to analysts, the appreciation in the Index at the end of Wednesday’s trading session could be attributed to appreciation recorded in the share prices of FBN Holdings Plc, Guaranty Trust Bank Plc, Oando Plc, Nigerian Breweries Plc and Unilever Nigeria Plc.

The banking sector continued to drive the activity chart, as trading in the sub-sector accounted for 53 per cent of total volume traded on Wednesday.

In the sub-sector, investors exchanged 92.61 million shares, valued at N920m in 1,143 transactions.

Volume in the sub-sector was driven by trading in the shares of Zenith Bank Plc, Skye Bank Plc, Diamond Bank Plc and First City Monument Bank Plc.

Meanwhile, Skye Bank 32 other stocks on the price gainers chart on Wednesday. Its shares rose by 10 per cent or 43 kobo to close at N4.73 per share.

FCMB and Diamond Bank followed on the chart, rising by 9.3 per cent each to close at N4.10 and N5.40 per share in that order, while FBN Holdings and Dangote Sugar Refinery Plc gained 8.7 per cent and 7.2 per cent per share, respectively.

On the other hand, John Holt Plc led seven other stocks on the losers’ chart, shedding five per cent or 17 kobo to close at N3.23 per share.

Morison Plc also lost 4.9 per cent or 17 kobo to close at N3.30 per share, while Portland Paints Plc and Jos Breweries Plc shed 4.8 per cent each to close at N4.15 and N1.46 per share, while Wema Bank Plc fell by 1.9 per cent to close at 51 kobo per share.

Source: Punch (written by Udeme Ekwere)