3 January 2013

Nigeria: Stock Market Opens 2013 With N135 Billion Gain

Lagos — The Nigerian stock market opened the year with N135 billion gains.

During the day, the All- Share Index opened with 28,078.81 and closed at 28,501.21 points. Market capitalisation grew by N135 billion or 1.50 per cent to close at N9.109 trillion as against the N8.974 trillion recorded on Monday.

NewGold led other stocks on the gainers chart with a gain of N2 to close at N2,534 per unit.

Guaranty Trust Bank Plc followed with N1.60 kobo gain to close at N24.60 kobo, while Presco Plc grew by N1.50 kobo to close at N18.50 kobo per share.

FBN Holding Plc rose by N1.38 kobo to close at N17.10 kobo per share and Nigerian Breweries Plc gained N1.00 kobo per share to close at N148.00 kobo.

On the other hand, WAPCO Plc led the losers' table with N1.03 kobo to close at N57.50 kobo per share.

Portland Paints Plc followed with N0.21 kobo to close at N4.15 kobo per share while Morison Plc lost N0.17 kobo to close at N3.30 kobo per share. John Holt Plc lost N0.17 kobo to close at N3.23 kobo per share, while Zenith Bank Plc lost N0.09 kobo to close at N19.40 kobo per share.

Trading recorded a volume of 175.985 million shares worth N1.882 billion transactions in 2,802 deals compared to 215.581 million shares valued at N1.689 billion traded at 2,714 deals Monday.

Meanwhile, the Chief Executive Officer of Lambeth Trust & Investment Company Limited, Mr. David Adonri said the gain witnessed on the exchange is an illustration of investors' confidence in the market.

Adonri relates the improvement in the stock market to different policies, such as market making, exchange traded funds introduced by the management of the exchange and investors education to encourage local investors to participate in the market initiated by the Securities and Exchange Commission.

He said confidence boosting measures by the NSE in trying to enforce compliance by listed firms in filing quarterly reports was part of things that contributed to the market improvement.

"Any moment from now, companies will begin to release their result and I believe it will have positive impact on the market," he said.

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