14 August 2012

Nigeria: Equities Market Opens With N11 Billion Gain

The market capitalisation of the Nigerian Stock Exchange (NSE) gained N11 billion to close higher at N7.408 trillion Monday as trading at the stock market opened for the week.

Similarly, NSE All-share Index, which measures the aggregate growth of equity prices, appreciated by 0.15 per cent to close at 23,273.56, up from 23, 239.03 last Friday.

Despite a recovery last Thursday and Wednesday, the market shed 1.2 per cent last week and closed lower due to profit-taking by some investors. However, trading opened on a bullish note yesterday as some blue chip stocks led the price gainers.

Nigerian Breweries Plc occupied the number one spot on the gainers' chart with an appreciation of N1.00 to close at N120 per share. Lafarge Cement WAPCO Plc trailed with a gain of N0.50 to close at N43.50 per share.

Market analysts said Lafarge WAPCO will enjoy further growth in share price following its impressive result for the half year ended June 30, 2012.

For instance, based on the half-year financial performance of the cement manufacturing firm, analysts at FBN Capital Limited have put N60.80 price target on the shares of Lafarge WAPCO.

Also, Union Bank of Nigeria Plc appreciated further as investors continued to take position based on the improving financial position of the bank and expected management changes. The stock appreciated by N0.50 to close at N5.12.

Dangote Sugar Refinery Plc and Cadbury Nigeria Plc chalked up N0.19 apiece to be among the top price gainers.

Conversely, International Breweries Plc led the price losers with N0.28, trailed by Dangote Flour Nigeria Plc with N0.26. Ecobank International Plc and Eterna Plc shed N0.13 apiece among others.

Meanwhile, equities turnover stood at 209.74 million shares worth N1.610 billion exchanged in 3,308 deals led by the financial services sector.

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