24 January 2013

Nigeria: Stock Market Hits N10 Trillion in Capitalisation

Activities on the floor of Nigerian Stock Exchange continued upbeat yesterday as the market capitalisation of the equities hit N10 trillion mark.

The positive trajectory was occasioned by heavy price gains recorded by major blue-chip stocks, especially Unity Bank and Julius Berger,causing market capitalisation to appreciate significantly by N148 billion.

Market analysts had projected a vibrant market in 2013, noting that various reforms of the government and other stakeholders would bring the much needed tonic to boost investors' confidence.

Consequently, at the close of transactions yesterday at the NSE, the All-share index rose by 462.39 points or 1.4 per cent from 30,983.83 posted on Tuesday to 31,446.22 while market capitalisation increased by N148 billion from N9,910 trillion to N10,058 trillion.

Precisely, Unity Bank emerged the day's highest price gainer with 10 per cent to close at N0.66 per share, followed by Julius Berger, adding 9.98 per cent to close at N46.84 per share.

Presco added 8.05 per cent to close at N25.50 per share, UACN gained 5.82 per cent to close at N50.00 per share.

AIICO, Cement Company of Northern Nigeria, BOC Gases gained 5.33,4.97 and 4.97 per cent to close at N0.79, N9.29 and N6.55 per share.

FO gained 4.95 per cent to close at N13.14 per share while Eternaoil and Honeywell Flourmills garnered 4.95 and 4.80 per cent to close at N3.82 and N2.84 per share.

However, Oando topped the losers' chart with 9.83 per cent to close at N14.40 per share while Airservice followed with 6.78 per cent to close at N5.50 per share.

Transnational Corporation dropped 5.45 per cent to close at N1.04 per share. UPL, Vitafoam, JohnHolt lost 5.00,4.88 and 4.83 per cent to close at N4.56,N3.90 and N1.97 per share.

Continental Reinsurance shed 4.44 per cent to close at N0.86 per share while Neimeth dropped 3.92 per cent to close at N0.98 per share.

NPF Microfinance Bank lost 3.88 per cent to close at N0.99 per share. Diamond Bank also shed 3.75 per cent to close at N6.16 per share.

On the activity chart, the banking sub-sector remained the most active stock in volume terms with 371 million shares worth N1.2 billion followed by the insurance sub-sector with 96 million units valued at N62 million.

The food products sub-sector trailed with 29 million units valued at N164 million.

Transactions in the shares of Unity Bank boosted activities in the banking sub-sector with 233 million shares worth N150 million followed by Sterling Bank with 21 million units worth N57 million.

The insurance subsector was buoyed by activities in the shares of Lasaco Assurance and NEM Insurannce with 49 million shares and 18 million units valued at N24 million and N13 million.

At the last count, investors exchanged 797 million shares worth N5.1 billion in 6,974 deals.

Copyright © 2013 Leadership. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.