Don't Miss


Home   >   Nigerian Stock Exchange   >   Stock Market sustains positive momentum

Stock Market sustains positive momentum

By on September 2, 2015

Investors in the Nigerian equities market went home smiling again on Monday as the market sustained the positive momentum that commenced the previous week.

The market has enjoyed sustained rally as macroeconomic concerns gradually eased off following the announcement of key appointments last week by President Muhammadu Buhari .

At the close of trades yesterday, the benchmark index closed strongly in the green with a 3.02 per cent rise. This rise was driven by interest  in the likes of Dangote Cement Plc, Zenith Bank Plc and Guaranty Trust Bank Plc. Market Capitalisation in the session correspondingly rose by N299 billion to settle at N10.21 trillion.

In the same vein, market activity in terms of volume traded increased by 37.1 per cent to 346 million units while value of trades declined to N5.10 billion (18.8%). MULTIVERSE  Resource Plc emerged the most actively traded stock in terms of volume (25.8% of total) while Zenith Bank Plc accounted for 19.3 per cent of total turnover on the Bourse.

But the banking sector of the financial service sector remained the most active in terms of the number of shares traded. It led the equities sector with a total of 172.53 million ordinary shares valued at N797.7 million executed in 1,209 deals.

The volume of shares sold in the banking sector was largely driven by the activity in the shares of United Bank for Africa Plc, Skye Bank Plc, Access Bank Plc and Unity Bank Plc. Trading on the shares of the four banks accounted for 151.9 million shares or 88 per cent of the subsectors turnover

PZ Industries Plc, Okomu Oil Plc, NAHCO Plc, NASCON Plc, and Access Bank Plc, all closed above the 10 per cent band to lead the 48 gainers.

However, top on the price gainers’ table in absolute term was Guinness Nigeria Plc with an appreciation of N11.98 to close at N138.98 per share, while Julius Berger Nigeria Plc led on the price losers’ table, shedding N1.00 to close at N42.00 per share.

Meanwhile, analysts have predicted another round of sustained rally in the days ahead as investors seize the opportunity to take position, following attractive valuations across the counters.

 

[ThisDay]