The equities section of the Nigerian capital market is on the verge of recouping the 2008 post-meltdown losses as major indicators continue to record significant appreciation.

The  market  capitalisation of the listed equities on the Nigerian Stock Exchange gained 2.5 per cent or N309bn to close at N12.604tn on Wednesday.

This translated to a recovery of about 99 per cent over the N12.62tn recorded at its 2008 peak.

This year alone, the market has returned a rise of 40.51 per cent, which is a significant increase compared to 35.4 per cent appreciation recorded throughout 2012.

The NSE Index, which measures the performance of listed equities, also rose by 2.5 per cent or 967.15 basis points to close at 39,453.23 points, up from 38,486.08 points recorded at the beginning

Analysts are of the opinion that the impressive activities are as a result of appreciation of the prices of major stocks.

In their report on Wednesday, analysts from Meristem Nigeria said, “The gain was driven by the large cap stocks, particularly the share of Dangote Cement Plc, which advanced by seven per cent to close at N210 per share.

“However, Chemical and Allied Products Plc and Eterna Plc were amongst the big gainers with the stocks appreciating by 10 per cent and 9.97 per cent, respectively to return 6.79 per cent and 66.33 per cent year to date gains.”

A total of 39 stocks recorded price appreciation, while 23 stocks lost.

CAP Plc and National Salt Company Plc led the gainers’ chart rising by 10 per cent each to close at N49.50 and N11 per share, respectively.

Eterna Plc and Neimeth Pharmaceutical Company Plc also gained 9.9 per cent and 9.5 per cent to close at N3.31 and N1.04 per share, while Royal Exchange Plc and Prestige Assurance Plc gained 9.1 per cent and 8.8 per cent to close at N1.04 and 60 kobo per share.

On the other hand, Portland Paints Plc led the losers’ chart, shedding 9.9 per cent or 53 kobo to close at N4.78 per share.

Vono Products Plc also lost 9.9 per cent or 21 kobo to close at N1.90 per share, while IPWA Plc and DN Meyer Plc  lost 9.7 per cent each to close at 65 kobo and N1.68 per share in that order.

Source: Punch (by Udeme Ekwere)