Stock Market Opens Week On Positive Trajectory | Independent Newspapers Limited
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Stock Market Opens Week On Positive Trajectory

Posted: Dec 8, 2015 at 8:00 am   /   by   /   comments (0)

Trading activities on the floor of the Nigerian stock market on Monday opened the week green following appreciable demand by investors who leveraged on low prices of stocks.

The market performance improved for the third consecutive day on the back of shares of market heavyweights such as Dangote Cement. About N150 million worth of Dangote Cement shares exchanged hands causing a rise in the NSE Industrial Index that advanced by 3.13 per cent.

Hence, key market indicators, the NSE ASI and market capitalisation, each advanced by 0.73 per cent despite the fact that the number of losers nearly doubled the gainers. At the close of trading in the day, 16 stocks recorded price appreciation, while 30 others constituted the losers’ table.

The twin market indicators, the All-Share Index rose by 202,84 basis points or 0.73 per cent from 27,631.05 last Friday to close at 27,833.89 while the market capitalisation appreciated by N69 billion or 0.73 per cent from N9.500 trillion to N9.569 trillion.

Further analysis of the day’s trading showed that Law Union and Rock Insurance Plc topped the day’s gainers’ table with 7.27 per cent to close at 59 kobo per share while Dangote Cement Plc followed with 6.27 per cent to close at N171.15 per share. Learn Africa Plc gained 4.55 per cent to close at 69 kobo per share.

On the flip side, Tiger Brands Plc led the losers’ chart with a drop of 9.45 per cent to close at N1.15 per share while Honeywell Flour Mills Plc shed 9.39 per cent to at N1.64 per share. On the activity chart, the banking sub-sector dominated in volume terms with 42.7 million shares worth N358.3 million in 705 deals.

The subsector was enhanced by activities in the shares of UBA Plc and UBA Plc. The Premium Board sub-sector, boosted by activities in the shares of FBNH Plc and Zenith Bank Plc, followed with 31.08 million units, worth N457.08 million in 606 deals. In all, investors exchanged a total of 127.8 million shares, worth N2.4 billion in 2,434 deals.