By Ademola Alawiye

Wednesday, 15 Dec 2010

Activities at the equity sector of the Nigerian Stock Exchange witnessed a rebound on Tuesday, as market gauges closed on a positive note.

Analysts at the Exchange said that the positivity witnessed in the market would be sustained for some days. They added that investors should start taking positions in stocks with potentials for positive returns, so as to cover up for the losses incurred during the bearish phase.

The NSE‘s All-Share Index rose marginally by 0.08 per cent or 19.33 points to close at 24,306.83 points, compared to 24,287.50 recorded on Monday.

Similarly, the market capitalisation of the listed equities increased by 0.08 per cent or N6bn, from N7.76tn to N7.77tn recorded the previous day.

The NSE-30 Index rose by 0.02 per cent or 0.24 points to close at 1,040.19 points, from 1,039.95 basis points.

The NSE Banking Index closed at 380.17 points, following an increase of 0.64 per cent or 2.41 points from 377.76 basis points. Total turnover was driven by activities in the banking sub-sector, as it accounted for 46 per cent. Trading in the shares of Zenith Bank Plc, Guaranty Trust Bank Plc and Oceanic Bank International Plc drove volume in the sub-sector.

The insurance index, however, fell by 2.36 per cent or 3.69 points, from 156.37 basis points to close at 152.68 points.

Activities in the Information and Communication Technology sub-sector followed on the activity chart, accounting for 33 per cent of total turnover. The shares of MTI Plc drove volume in the sub-sector.

Cutix Plc recorded the highest gain for the day, rising by five per cent or 10 kobo to close at N2.10 per share. Nigerian Bottling Company Plc followed with an increase of five per cent or N1.50 to close at N31.53 per share, while University Press Plc gained 4.84 per cent or 30 kobo to close at N6.50 per share.

Multi-Trex Integrated Foods Plc led the losers‘ chart, down by five per cent or 15 kobo to close at N2.85 per share. Oceanic Bank followed with a loss of 4.94 per cent or 12 kobo to close at N2.31 per share, while Pharma-Deko Plc also dropped by 4.89 per cent or 22 kobo to close at N4.28 per share.

 

Source: Punch