This Day (Lagos)

29 November 2012

Nigeria: Stock Exchange Explains Delay in Releasing Trading Summary

The Nigerian Stock Exchange (NSE) has explained that the delay in the release of the daily transactions details on Monday, November 26 and Tuesday, November 27, 2012, was necessitated by the changes required to achieve the re-basing of five indices.

In a statement yesterday, the Exchange said the changes were successfully completed on Tuesday, November 27, 2012.

The affected indices are: the NSE Consumer Goods Index, NSE-30 Index, the Banking Index, the NSE Oil and Gas Index and the NSE Insurance Index.

Head, Market Operations of the Exchange, Mr. Ikponmwosa Obaseki, confirmed that the Exchange's trading system maintained 100 per cent availability during the period and traders experienced no issues during these trading days as speculated in some quarters. He explained that Index updates are post-trading activities, carried out after trading hours but within a rather short time window.

The Nigerian bourse began publishing the NSE-30 Index in February 2009 with index values available from January 1, 2007. On July 1, 2008, the NSE developed four other sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors.

The NSE said the next rebalancing of the Indices, an exercise which it undertakes in collaboration with global financial data giant, Bloomberg Inc., is set to take place at the end of the year.

Meanwhile, the bears sustained its hold on the market yesterday as the equities market continued the week on a negative note. Analysis of trading results released by the NSE showed that the Exchange's All-Share Index or ASI dipped by 0.08 per cent to close at 26,342.85 points, compared with the marginal appreciation of 0.01 per cent recorded Wednesday.

The Market Capitalisation however closed positive, appreciating by 0.28 per cent to close at N8.42 trillion ($54.04 billion), compared with the appreciation of 0.01 per cent recorded the previous day, to close at N8.39 trillion ($53.89 billion).

The price movement of the NSE displayed a total of 12 equities that recorded gains as against 23 on the losers table. Redstar Express Plc led on the gainers table with a gain of 36 kobo to close at N2.96 per share.

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