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NSE Index rises 1.2 % as bulls return to market

By on October 22, 2014

Respite came the way of the Nigerian equities market yesterday as 10 days bear run was halted. The market closed 1.22 per cent higher compared to 5.55 per cent decline recorded last week.  The bear run had sent indicators to five months low last week as the Nigerian Stock Exchange (NSE) All-Share Index fell below 40,000 level, while market capitalisation dipped below N13 trillion mark. Major equities suffered price depreciation as a result of weak demand.

However, the market closed on positive note Monday as bargain hunters moved in to take advantage of equities which have witnessed significant decline in the last 11 days.

The ASI rose by 1.22 per cent to close at 38,662.65, while market capitalisation appreciated by the same margin to close at N12.77 trillion. Thirty-seven stocks appreciated, compared to 19 that depreciated.  In terms of percentage gain, Ikeja Hotels Plc led with 10.03 per cent to close at N3.18 per share trailed by United Bank for Africa Plc with 9.1 per cent to be at N5.77 per share.

Transcorp Plc garnered 8.3 per cent, just as Oando Plc went up by 7.9 per cent, closing at N23.10 per share.  National Salt Company of Nigeria Plc and FBN Holdings Plc chalked up 6.6 per cent apiece to be at N8.69 and N12.58 respectively.

Lafarge Africa Plc rose by 5.9 per cent, while UAC of Nigeria Plc and Union Bank of Nigeria Plc chalked up five per cent each among others.

Conversely,   Cutix Plc led the price losers, shedding 10.6 per cent, trailed by May and Baker Nigeria Plc with five per cent. PZ Cussons Nigeria Plc declined by 4.9 per cent just as Berger Paints Nigeria Plc and Eternal Plc shed 4.9 per cent and 4.8 per cent in that order.

Meanwhile, investors traded 354 million shares worth N4.151 billion exchanged in 5,221 deals, as against 362.56 million shares valued at N3.864 billion traded last Friday.

 

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