Don't Miss


Home   >   Nigerian Stock Exchange   >   Financial sector helps NSE index gain 0.5%

Financial sector helps NSE index gain 0.5%

By on March 11, 2015

The Nigerian Stock Exchange opened the week on a positive note, buoyed by financial sector stocks.

Gains by 16 stocks in the sector and 12 others boosted the NSE All-Share Index by 146.56 basis points or 0.5 per cent to 31,195.93 basis points.

Also, the market capitalisation of the listed equities appreciated by N50bn or 0.5 per cent to close at N10.410tn.

With the exception of the NSE Oil and Gas Index, which fell by 0.8 per cent to 375.45 basis points and the NSE Alternative Securities Market Index that closed flat at 1,212.94 basis points, all other indicators appreciated.

The NSE Banking Index rose the most on Monday, gaining 1.5 per cent to close at 365.06 basis points.

The NSE 30 Index rose by 0.63 per cent from 1,425.74 basis points to 1,434.71 basis points, while NSE Insurance Index and the NSE Consumer Good Index gained 0.6 per cent and 0.4 per cent to close at 142.43 basis points and 786.93 basis points, respectively.

The NSE Lotus Islamic Index rose by 0.6 per cent from 2,058.23 basis points to close at 2,059.58 basis points, while the NSE Industrial Index was little-changed at 1,961.95 basis points after opening at 1,961.82 basis points.

The financial services sector led the activity chart, accounting for 91.4 per cent of total turnover traded.

In the sector, 426.274 million shares worth N3.711bn were traded in 3,919 deals with Zenith Bank Plc, FBN Holdings Plc and FCMB Group Plc driving volume.

Other stocks that recorded high volume turnover in the sector are Diamond Bank Plc, United Bank for Africa Plc, Fidelity Bank Plc and Guaranty Trust Bank Plc.

In all, 466.163 million equities worth N5.044bn were traded in 5,601 deals with 28 stocks appreciating and 18 others declining.

Cadbury Nigeria Plc was the top gainer, rising by 8.92 basis points or N3.38 to close at N41.28 per share.

Africa Prudential Registrars Plc gained 7.14 per cent or 21 kobo to close at N3.15 per share, while Continental Reinsurance Plc and Skye Bank Plc rose by 4.88 per cent and 4.85 per cent to close at 86 kobo and N2.38 per share.

The losers, on the other hand, were led by Ikeja Hotel Plc, which declined by 8.05 per cent or 35 kobo to close at N4 per share.

Livestock Feeds Plc was down by five per cent or 11 kobo to close at N2.09 per share, while Mobil Nigeria Plc and Presco Plc shed 4.97 per cent each to close at N153 and N29.24 per share, respectively.

Analysts at Vetiva Capital Management Plc had projected that the stock market would open the week on a positive note after Zenith Bank and GTBank released full-year results, which beat estimates.

Commenting on what will shape the market in the coming week, they had said, “Given the better-than-expected earnings result from heavyweights in the financial services sector (Guaranty and Zenith), we expect bullish sentiment will be sustained at week open as demand strengthens further in banking stocks as indicated by the bid cart.”

Zenith Bank rose by 2.20 per cent or 46 kobo on Monday to close at N21.40 per share, while GTB was up by 0.95 per cent or 23 kobo to close at N21.40 per share.

 

[Punch]