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Equities halt two-week slide

By on November 12, 2014

The Nigerian Stock Exchange closed on a positive note on Monday as equities rallied to end two weeks of losses.

The major market indicators rose marginally with the NSE All Share Index appreciating by 0.03 per cent or 8.53 basis points to close at 33,224.84 basis points, as against the 3.68 per cent decline, which dragged it down to 33,216.31 basis points on Friday.

Similarly, the market capitalisation of the listed equities rose by 0.03 per cent or N3bn from N11.001tn to N11.004tn.

The NSE 30 Index, which tracks the performance of the 30 most capitalised companies on the Exchange, and the NSE Alternative Securities Market Index rose by 1.1 per cent and 0.04 per cent each, while the NSE Lotus Islamic Index shed 1.32 per cent.

A review of the five sectoral indices showed that three of the indices appreciated, while two depreciated.

The NSE Banking Index rose by 3.4 per cent to 358.17 basis points, the NSE Consumer Goods Index advanced by 2.52 per cent to 824.34 basis points, while the NSE Oil and Gas Index gained 3.42 basis points to close at 367.61 basis points.

However, the NSE Industrial Index fell by 3.07 per cent to 1,980.58 basis points from 2,043.33 basis points. It was the biggest drop by a sectoral index on Monday as the NSE Insurance Index was little changed – falling from 143.15 basis points to 143.14 basis points.

In all, investors exchanged 490.894 million equities worth N6.993bn in 5,470 deals with the insurance carriers, brokers and services sub-sector dominating the activity chart in terms of volume traded.

In the sub-sector, 187.460 million shares valued at N481.9m were traded in 193 deals. This accounted for 38.2 per cent of total turnover volume on Monday.

Volume in the sub-sector was driven by trading in the shares of Mansard Insurance Plc.

A total of 29 shares appreciated in price, while 33 others suffered price depreciation.

Custodian and Allied Plc was the top gainer. It rose by 10.15 per cent or 33 kobo to close at N3.58 per share.

Dangote Sugar Refinery Plc rose by 9.86 per cent to close at N5.46 per share, while United Bank for Africa gained 9.53 per cent to close at N4.71 per share.

RT Briscoe, however, led the losers after it shed 8.33 per cent to close at 66 kobo per share.

It was followed by Honeywell Flour Mills Plc, which was down by 7.76 per cent to close at N3.21 per share.

 

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