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By Chinwendu Obienyi
Despite depreciation in the value of some highly capitalised stocks, market capitalisation on the Nigerian Exchange Limited (NGX) has risen by over N200 billion in two consecutive trading days. Stocks trading on the floor of the NGX had logged their steepest decline in the year following bouts of profit-taking activities recorded last week. As a result, the All-Share Index (ASI) declined by 6.67 per cent week-on-week (w/w), to close at 44,396.73 points while market capitalization lost a whooping N1.73 trillion w/w to close at N24.182 trillion.
However, the market returned to positive territory on Monday, gaining 0.2 per cent as investors gained N35 billion.
Tuesday’s trading session saw the market advancing by 0.73 per cent to close at 44, 788.14 basis points while market capitalisation grew to N24.394 trillion. Thus, investors have now gained N212 billion in two consecutive trading days.
Consequently, the market’s Year-to-Date (YtD) stood at +4.85 per cent. At the close of business yesterday, 19 stocks depreciated in value while 7 others appreciated. Royal Exchange led the laggards with 9.64 per cent to close at 0.75 Kobo, Multiverse followed with 8.50 per cent to close at N4.20, May&Baker dropped 6.67 per cent to close at N3.92, CornerStone lost 5.88 per cent to close at 0.48 kobo while NGX Group decreased by 4.42 per cent to close at N20.55.
