Market Picks Up Momentum As NSE Index Gains 0.99% | Independent Newspapers Limited
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Market Picks Up Momentum As NSE Index Gains 0.99%

Posted: May 19, 2015 at 2:33 am   /   by   /   comments (0)

By Bamidele Ogunwusi,  Lagos


The Nigerian equities’ space on Monday started the week on a strong note as the bullish mood in the market influenced trading when key market indicators the All-Share Index and Market Capitalisation, appreciated by 0.99 each.

The All Share Index appreciated by 342.06 basis points or 0.99 percent to close at 34,781.46 points as against 34,439.40 points recorded on Friday, while market capitalisation grabbed N120.269 billion to close at N11.817 trillion compared with N11.696 trillion recorded at the weekend.

The gain recorded in the market can be largely attributed to appreciation in the tier 1 banking counters like United Bank for Africa which improved 5.0 percent, Zenith Bank, 2.7 percent, FBN Holdings 2.3 percent, Guaranty Trust Bank gained 1.7 percent, while Access Bank appreciated by 1.6 percent.

At the close of trading on Monday, investors bought and sold a total of 305.616 million shares valued at N2.978 billion in 4,667 transactions with the financial services sector accounting for a total of 255.663 million shares valued at N1.982 billion in 2,495 deals.

However, the banking sub-sector the most active when investors bought and sold a total of 186.320 million shares valued at N1.1674 billion in 1,550 transactions.

Petroleum marketer, Forte Oil, led 37 others on the gainers’ table when it appreciated by N15.77 to close at N189.00 per share, followed by its peer- Total Nigeria which grabbed 690 kobo to close at N156.90 per share, breweries’ major, Guinness Nigeria gained 350 kobo to close at N158.50 per share, Presco added 255 kobo to close at N32.55 per share, while 7UP Bottling Company added 200 kobo to close at N178.00 per share, among others.

On the flip side, Chemical and Allied Products led the decliners’ table when it depreciated by 200 kobo to close at N41.00 per share, followed by Custodian and Allied Insurance which went down by 17 kobo to close at N4.00 per share, Vita Foam Nigeria dropped 14 kobo to close at N6.24 per share, Flour Mills of Nigeria shed 10 kobo to close at N34.90 per share, while Champion Breweries slipped by 9 kobo to close trading at N7.00 per share, among others.