Stock market grows by N282bn as economy recedes

The Nigerian Stock Exchange’s market capitalisation recorded a growth of N282bn at the close of trading on Thursday, one day into the country’s economic recession.
A total of 25 stocks appreciated in price, while 13 recorded price declines.
The NSE market capitalisation soared to N9.760tn from N9.478tn, while the NSE All-Share Index also closed at 28,419.92 basis points from 27,599.03 basis points.

The market traded on 229.225 million shares worth N2.117bn in 3,243 deals.
The highest index point attained in the course of trading was 28,419.92 basis points, while the lowest and average index points were 27,368.41 and 27,666.28 basis points respectively.
Dangote Cement Plc, CAP Plc, FCMB Group Plc, AIICO Insurance Plc and Wema Bank Plc emerged as the top five gainers.
The shares of Dangote Cement appreciated by N15.11 (8.59 per cent) to close at N191 from N175.89, while those of CAP closed at N31.57 from N30.09, gaining N1.48 (4.92 per cent).
FCMB  share price also appreciated by N0.05 (4.90 per cent) to close at N1.07 from N1.02, while AIICO shares soared to N0.66 from N0.63, gaining N0.03 (4.76 per cent).
Wema bank shares also gained N0.03 (4.55 per cent) to close at N0.69 from N0.66.
Other gainers were Sterling Bank Plc, Fidson Plc, Trans-nationwide Express Plc, NPF Microfinance Bank Plc, Law Union and Rocks Insurance Plc, Fidelity bank Plc, amonmg others.
On the other hand, Caverton Offshore Support Group Plc, Tripple G Plc, Chellaram Plc, May and Baker Nigeria Plc, Cutix Plc, among others emerged as the top five losers.
The NSE had on Wednesday, appreciated by N36bn despite confirmation by the Nigerian Bureau of Statistics that the economy was in recession.
The equity market maintained positive momentum, appreciating by 0.39 per cent.

The NSE market capitalisation rose to N9.478tn from NN9.442tn, while the All-Share Index  closed at 27,599.03 basis points from 27,493.12 basis points.
A total of 262.614 million shares valued at N4.881bn exchanged hands in 3,302 deals.
The second quarter 2016 Gross Domestic Product data showed a contraction of 2.06 per cent year-on-year (Q1 2016: -0.36 per cent). July headline inflation spiked to 17.1 per cent year-on-year from 16.5 per cent and unemployment rate jumped to 13.3 per cent from 12.1 per cent.
On the global scene, markets traded mixed as investors reacted to a slew of data from the Eurozone and looked forward to the key August United States non-farm payroll data due Friday.