By Udeme Ekwere

Thursday, 10 Feb 2011

Trading activities on the Nigerian Stock Exchange witnessed a trend reversal on Wednesday, as transactions closed positive to end the five days downward trend.

The market capitalisation of the listed equities rose by N87bn or one per cent from N8.442tn on Tuesday to N8.529tn.

Similarly, the NSE’s All-Share Index increased by 272.04 basis points or one per cent to close at 26,685.30, from 26,413.26 points the previous day.

The NSE-30 Index rose by 0.9 per cent or 10.24 points, from 1,165.70 to close at 1,175.94 points.

This, according to analysts, was as a result of increased activities and high demand for stocks in the banking sub-sector. Among the other indices in the market, the banking index recorded the highest appreciation, rising by 1.78 basis points or 0.4 per cent from 439.56 to 441.34 points.

The NSE-30 Index and the Food/Beverages Index, however, fell by 0.1 per cent and 0.2 per cent to close at 1,164.36 and 842.58 points, respectively, while the insurance index also decreased by 1.4 per cent to close at 180.87 points.

The banking sub-sector maintained its lead on the activity chart, with investors exchanging 169.30 million shares, worth N1.392bn in 3,770 transactions.

Volume in the sub-sector was driven by trading in the shares of Zenith Bank Plc, United Bank for Africa Plc, Oceanic Bank International Plc, Fidelity Bank Plc and Guaranty Trust Bank Plc.

Prestige Assurance Plc recorded the highest price appreciation, rising by 4.9 per cent or 10 kobo to close at N2.12 per share.

Dangote Cement Plc and International Breweries Plc, followed, adding 4.9 per cent and 4.8 per cent to close at N128 and N6.43 per share respectively.

On the other hand, Livestock Feeds Plc lost the highest, shedding five per cent or three kobo to close at 57 kobo per share.

Meanwhile, as part of strategies to improve its interface with the investing public, the NSE has set up a contact centre.

The NSE, in a statement to market operators, noted that the contact centre was meant to serve as investors’ first point of contact with the Exchange.

It added that the agents in charge of the contact centre were expected to receive enquires, complaints or suggestions from the investors.

“The contact centre has been fully deployed and is undergoing a pilot test run before it is officially opened to the public,” the Exchange said.

 

Source: Punch