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Stock Market remains positive despite profit taking

By on January 6, 2015

The Nigerian equities market remained bullish last week despite the decline  recorded on the last trading day of the week, indicating that profit-taking has begun. However, there were also speculations that bargain hunting will continue to drive up prices of some stock this week.

At the close  business for the week, which was the last for 2014, the NSE All-Share Index and market capitalisation appreciated by 0.66 per cent to close last Wednesday at 34,657.15 and N11.478 trillion respectively.

Similarly, all the indices finished higher during the week with exception of the NSE Banking Index and NSE Oil & Gas Index that shed 6.69 per cent and 19.40 per cent respectively.

It was another brief trading week as Thursday and Friday were declared public holidays to celebrate the New Year and Eid-el-Maloud holidays respectively.

The market had revved up helped by interest in Seplat Petroleum Development Company Plc which shares became investors’ toast on the  disclosure  of a possible merger with Afren Plc – a bigger Nigerian oil and gas peer quoted on London Stock Exchange (LSE).

The market also witnessed a surge in activities during the week due to the strategic deal in Union Bank Plc shares by the Asset Management Corporation of Nigeria (AMCON). The market had reached a 52 weeks low the three weeks ago as investors remained cautious about market outlook due to concerns over macro-economic challenges.

Traders had as a result told THISDAY that there may be no hope in sight as global headwinds still persists.

 

[ThisDay]