1 January 2013

Nigeria: NSE Value Gains N68 Billion to End Year Positively

The market capitalisation of equities listed on the Nigerian Stock Exchange, NSE gained N67.85 billion, Monday, to end the year on a positive note.

Specifically, the market capitalisation of 187 first-tier equities appreciated by 0.76 per cent to close at N8.97 trillion from N8.90 trillion.

From left: Director General, Securities and Exchange Commission, Arunma Oteh; Interim Administrator, Nigerian Stock Exchange, Emmanuel Ikazoboh and President, Chartered Institute of Stock Brokers, Mr. Mike Itegboje, at a news briefing on the new admistration of the Nigerian Stock Exchange, NSE in Lagos.

Another key indicator, the NSE All-Share Index also gained by 0.76 per cent to close at 28,078.81 points as against 27,866.51 points recorded last Friday.

The NSE rose to a 32-month high on Monday, ending the year up 34 percent in the index's best performance since 2007, led by growth in the consumer goods and banking sectors which is expected to continue next year.

Nigerian stocks recovered after falling 16 percent last year but the market is still less than half the value it was prior to the 2008 collapse, which wiped off 60 percent of stock values and coincided with a banking crisis. The index rose 70 per cent in 2007.

30 equities recorded share price gains on Monday as against 25 recorded last Friday; while, 10 equities recorded share price losses as against 11 losers recorded in the previous trading day - suggesting a positive market breadth.

Airline Services and Logistic Plc recorded the highest share price gain, appreciating by 10 per cent to close at N4.18 per share from N3.80. This was followed by First City Monument Bank Plc gaining 8.70 per cent to close at N3.75 per share and Julius Berger Nigeria Plc rose by 5.00 per cent to close at N34.65 per share.

On the other hand, Vitafoam Nigeria Plc topped the losers' chart, depreciating by 3.17 per cent to close at N3.66 per share from N3.78 per share. This was followed by Continental Reinsurance Plc that dropped 2.56 per cent to close at N0.76 per share and Custodian and Allied Insurance Plc lost 2.26 per cent to close at N1.30 per share.

No trading took place on Tuesday as a result of New Year break.

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