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Stock Market rebounds as index rises by 0.58%

By on August 30, 2014

Investors in the Nigerian equities market hived a sigh of relief yesterday, as the market returned to positive territory following the drive by bargain hunters to take advantage of highly discounted stocks.

The market had in the last several days recorded weak performances following dwindling investors’ confidence fuelled by liquidity squeeze.

However, at the close of business yesterday, the Nigerian Stock Exchange (NSE) All Share Index or ASI  appreciated by a 0.58 per cent or 238.75 points to close at 41,359.87 points from 41,121.12 points attained on Wednesday. In the same vein, the market capitalisation of listed equities increased to N13.65 trillion from N13.58 trillion the previous trading day.

Conversely, trading activities on the exchange decreased by 32 per cent as investors bought a total of 263.10 million ordinary shares valued at N2.49 billion made in 4,617 deals, compared to 387.60 million shares worth N3.93 billion executed in 4,795 deals exchanged on Wednesday. Sterling Bank Plc, Unity Bank Plc and Transcorp Plc were the most actively traded stocks on the exchange yesterday in terms of volume, while Guaranty Trust Bank Plc and Zenith Bank Plc, topped in terms of value.

The banking subsector of the Financial Services Sector remained the most active in terms of the volume of shares sold. It led the equities sector with a total of 150.7 million shares worth N972.7 million made in 1,467 deals.

The volume of shares traded in the banking sector was largely driven by the activity in the shares of Sterling Bank Plc, Unity Bank Plc, Guaranty Trust Bank Plc and Zenith Bank Plc. Trading on the shares of the four banks accounted for 127.9 million shares or 84.8 per cent of the subsectors’ turnover.

A total number of 31 stocks gained on the bourse yesterday while 20 stocks declined leaving 61 stocks unchanged. International Breweries Plc emerged the toast of investors as it appreciated by 3.70 per cent to close at N28.00 a share, followed by Livestock Feeds Plc with a 3.50 per cent gain to close at N3.25 per share. Others on the gainers chart include; Ashaka Cement Plc, UBA Plc and Guaranty Trust Bank Plc.

 

 

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