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Stock Market sustains upward momentum

By on March 12, 2015

The Nigerian equities market remained positive on Tuesday as it closed firmer on the back of renewed optimism. At close of business, the Nigerian STOCK EXCHANGE (NSE) All-Share Index or ASI went up by 0.51 per cent to close at 31,355.28 points, compared with the appreciation of 0.47 per cent recorded the previous day.

Year-to-Date (YTD), the Index has depreciated by 9.53 per cent. Similarly, the market capitalization appreciated by 0.51 per cent to close at N10.46trn, compared with the appreciation of 0.48 per cent recorded the previous day to close at N10.41 trillion.

The appreciation in the Index was as a result of the gains recorded in the share prices of Guaranty Trust Bank Plc, Zenith Bank Plc, Lafarge WAPCO Plc, Dangote Cement Plc and Stanbic IBTC Holdings Plc, amongst others.

Also, trading activities increased in volume as 528.86 million shares worth N5.30 billion in 4,955 deals exchanged hands. This is an increase from the 466.16 million shares worth N5.04 billion in 5,601 trades carried out on Monday.

The banking sector of the financial service sector remained the most active in terms of the volume of shares traded. It led the equities sector with a total of 203.64 million ordinary shares valued at N2.33 billion made in 1,822 deals. The volume of shares traded in the banking sector was largely driven by the activity in the shares of Diamond Bank Plc, Zenith Bank Plc, Guaranty Trust Bank Plc and Skye Bank Plc.

The price movement chart of the NSE displayed a total of 26 stocks that recorded gains as against18 stocks that declined, leaving 62 stocks unchanged. AIICO Insurance Plc led with a gain of 6.74 per cent to close at 95 kobo per share. It was followed by Ikeja Hotel Plc with a gain of 5.00 per cent to close at N4.20 per share. Others on the gainers chart include; Conoil Plc. Fidelity Bank Plc. and Transnational Corporation Of Nigeria Plc. On the decliners’ list, Beta Glass Company Plc led with a loss of 4.99 per cent to close at N25.73 per share. It was followed Champion Breweries Plc with a loss of 4.90 per cent to close at N4.85 per share.

 

[ThisDay]