Investors at the Nigerian Stock Exchange (NSE) on Thursday recorded additional gains on their equities' value, as market closed trading on a positive note.
The Exchange market capitalisation of the 201 First-Tier equities closed yesterday at N 7.890 trillion after opening the day at N 7.856 trillion, reflecting 0.43 per cent upturn or over N34 billion gains. The market had gained about N58 billion at the close of trading session on Wednesday.
All the NSE sectoral indexes also closed on positive notes as the NSE-30, which measures the performance of blue chips in the market, gained by 0.40 per cent. The NSE Insurance gained the highest point by 0.75 per cent; Banking moved up by 0.72 per cent; Food/Beverages appreciated by 0.63 per cent while the NSE Oil/Gas scored the lowest point by 0.30 per cent.
Analysts at Resource Cap, a portfolio management company, said the recent rebound in the stock market "is a good sign" as the Exchange is expected to perform better following activities of some "smart funds coming into the market."
Banks lead
The Banking sub sector was the most active on Thursday, leading market transaction volume with 237.23 million units valued at N2.03billion as against the 186.40 million units worth N1.47billion recorded on Wednesday.
The volume recorded in the sub sector was driven by transaction in the shares of First City Monument Bank, Access Bank, Zenith Bank, United Bank for Africa and Guaranty Trust Bank. The total volume of 153.11 million units valued at N1.64 billion traded in the shares of the five stocks accounted for 48.97 per cent of the entire market volume and their value represented 57.44 per cent of the market's value. The banking sub sector closed yesterday with 17 gainers to 3 losers.
The Insurance sub sector followed, trading 16.301 million shares valued at N15.829 million. Transactions in the sub sector were largely driven by the shares of Aiico Insurance, Oasis Insurance, and Continental Reinsurance.
More gainers
The number of gainers at the close of trading session yesterday closed higher at 41 as against the 36 gainers recorded the previous day; while losers closed lower at 17, compared with the 20 stocks recorded on Wednesday.
Cadbury Nigeria and Flour Mills topped the price gainers' table with an increase of N1.00 each on their opening prices of N26.00 and N68.00 per share. Cement Company of Northern Nigeria and Okomu Oil followed in the chart with an increase of 74 kobo and 66 kobo, to close at N15.74 and N13.87 per share.
On the losers' side, Ashaka Cement and Total Oil led the price losers' chart with a loss of N1.00 and 61 kobo, to close at N26.50 and N234.00 per share. Lafarge Cement Wapco Nigeria and SCOA Nigeria followed with a decrease of 45 kobo and 43 kobo on their initial prices of N39.00 and N8.71 per share.
Source:234next
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