12 December 2012

Nigeria: Stock Market Closes Northwards On Renewed Confidence

Transactions on the floor of the Nigerian Stock Exchange(NSE) maintained upbeat to what some market watchers attributed to investors' renewed confidence in the local bourse following expectations that the combination of market marking process and federal government debt relief to some dealing members will restore the market status as the bastion of the economy.

Since the market is driven by information, the recent pronouncement by the federal government to bail out the market has continued to impact positively on the stock market which will eventually lead to an increase of investors' confidence in the stock market.

Consequently, the NSE All-Share Index appreciated by 228.11 points or 0.84 per cent to close yesterday at 27,050.20 index points from 26,822.09 points recorded on Monday while the market capitalisation of the equities appreciated by N73 billion or 0.84 per cent, from N8.570 trillion to N 8.643 trillion.

At the close of trading 26 stocks appreciated in price as against 17 others that shed weights. 7UP Bottling Company Plc led on the gainers' table with a gain of 10 per cent to close at N44.00 while Airservice Plc followed with a gain of 9.96 per cent to close at N12.98 per share.

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