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Market rides on bullish sentiments to gain N193bn

By on May 16, 2014

The bullish trend at the stock market continued yesterday leading to a growth of N193 billion in market capitalisation of the Nigerian Stock Exchange (NSE) in three days.

After resuming the week with a marginal growth on Monday, the market recorded a higher growth of 1.02 per cent on Tuesday, when investors reacted positively to the announcement of the change in baton in the presidency of the Nigerian Stock Exchange (NSE).

With one year left to the end of his tenure, the President of NSE, Alhaji Aliko Dangote, announced his decision to step down while the First Vice-President and former Group Managing Director/CEO of Access Bank Plc, Mr. Aigboje Aig-Imoukhuede will take over as new president of the Exchange.

Market stakeholders had hailed the development, saying it showed the stability that had returned to the council of the NSE.

The positive trend continued yesterday as the NSE All-Share Index appreciated higher with a gain of 0.47 per cent to close at 39,138.97.

Consequently, the market  amassed N193 billion in last three days to close at N12.892 trillion. Yesterday accounted for N61.3 billion of the  N193 billion recorded in the three days.

Similarly, the volume and value of trading increased by 52.3 per cent and 45.2 per cent respectively as traded 435.793 million shares valued at N5.514 billion in 4,949 deals up from 272.383 million shares worth N3.123 billion exchanged in 5,221 deals the previous day.

The consumer goods, banking and insurance indices appreciated by 0.89 per cent, 0.76 per cent and 0.50 per cent respectively. But the oil/ gas and industrial sectors declined by 0.66 per cent and 0.11 per cent in that order.  Out of the 112 stocks traded, 28 gained compared with 22 that depreciated.

Nigerian Breweries Plc led the price gainers with N3.54 to close at N158.60 per share, followed by Forte Oil Plc with a gain of N1.01 to be at N150 per share.
Conversely, Total Nigeria Plc led the price losers with N6.00, followed by Mobil Oil Nigeria Plc with N5.45.

 

 

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