7 February 2013

Nigeria: Stock Market Gains N335 Billion in Three Days

Trading activities on the floor of the Nigerian Stock Exchange (NSE) yesterday continued upbeat causing market capitalisation to appreciate by N335 billion within three days of trading this week.

The northward movement has been attributed to investors' renewed confidence in equities following current reforms by the regulators.

Specifically, at the close of trading yesterday, virtually all the highly capitalised stocks appreciated in price, as market capitalisation rose further by N127 billion.

Consequently, 55 stocks appreciated in value as against 13 that shed value.

Volume of shares traded also increased as 944 million shares valued at N6.5 billion were exchanged in 8,492 deals yesterday, higher than 720 million shares valued at N6.5 billion which exchanged in 8,404 deals on Tuesday.

At the close of transactions, the All-Share Index of the NSE rose by 395.77 points or 1.18 per cent, from 33,064.37 recorded on Tuesday to 33460.14 while market capitalisation increased by N127 billion from N10,578 trillion to N10,705 trillion.

Further analysis of yesterday's transactions showed that Fidson Health Care led the gainers' chart up with 10 per cent to close at N1.54 per share while Ashaka Cement Company followed with 9.98 per cent to close at N24.35 per share.

On the flip side, Enterna Oil just as in the previous day topped the losers' chart with five per cent to close at N4.18 per share . Premier Brewery followed with 4.71 per cent to close at 81 kobo per share.

On the activity chart, the banking sub-sector activated by the shares of UBA and Unity Bank dominated in volume terms with 457.4 million shares worth N3.3 billion in 3,344 deals, followed by the insurance sub-sector buoyed by the activities in the shares of Niger Insurance and Mutual Benefits which trailed with 171.5 million units valued at N122.7 million in 598 deals.

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