15 June 2012

Nigeria: Equities Makes U-Turn After Three Days of Consistent Gains

The market had at the resumption of trading on Monday reversed the negative trend, which persisted for three weeks with investors defying the news of the removal of the Director General of the Securities and Exchange Commission (SEC) Ms. Arunma Oteh, to take position on highly discounted stocks.

At the end of business yesterday, most market indicators closed in red led by the twin market gauge-the All-Share Index or ASI and the market capitalisation.

Analysis of trading statistics released by the Nigerian Stock Exchange (NSE) showed that the exchange's benchmark ASI depreciated by 47 points or 0.22 per cent to close at 21,251.91 points from 21,298.68 points the previous day.

In the same vein, the market capitalisation, which reflects the total amount of investment in the market declined by N15 billion or 0.22 per cent to close at N6.784 trillion from N6.799 trillion the previous day.

Meanwhile, the banking sector of the Financial Service sector remained the most active in terms of the volume of shares sold. It led the equities sector with a total of 118.63 million ordinary shares valued at N1.08 billion made in 1,944 deals.

The volume of shares sold in the banking sector was largely driven by the activity in the shares of Guaranty Trust Bank Plc, Access Bank Plc, First Bank of Nigeria Plc and United Bank for Africa Plc.

Copyright © 2012 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.