By Udeme Ekwere

Friday, 18 Feb 2011

The equities segment of the Nigerian Stock Exchange rebounded at the close of trading activities on Thursday, after the losses incurred the previous day.

Specifically, the market capitalisation of the listed equities rose by 0.6 per cent or N51bn from N8.460tn the previous day, to close at N8.511tn.

Similarly, the NSE’s All-Share Index rose to 26,627.29, representing a 0.6 per cent increase from 26,468.58 points recorded on Wednesday.

The NSE-30 Index also rose by 0.9 per cent or 10.01 basis points, from 1,153.64 to close at 1,163.65 points.

Analysts traced the increase in activities to some appreciation recorded in the banking stocks, especially those of the rescued banks.

Market analysts also said that investors were trying to take position in the stocks in anticipation of the full-year results of some companies due to be released this quarter.

Honeywell Flour Mills Plc had the highest price appreciation for the day, rising by five per cent or 30 kobo to close at N6.30 per share. It led 29 other stocks on the chart.

Spring Bank Plc, one of the rescued banks, followed as it added 4.9 per cent or nine kobo to close at N1.90 per share.

Champion Breweries Plc and Vono Products Plc gained 4.9 per cent each to close at N2.96 and N2.97 per share respectively.

Union Homes Savings and Loans Plc and Eterna Oil and Gas Plc, rose by 4.8 per cent each to close at 86 kobo and N4.80 per share in that order.

UTC Nigeria Plc recorded the highest price loss, shedding five per cent or four kobo to close at 76 kobo per share.

NEM insurance Plc lost five per cent or three kobo to close at 57 kobo per share.

C & I Leasing Plc and Poly Products Nigeria Plc fell by 4.9 per cent and 4.7 per cent to close at N1.36 and N1.39 per share in that order.

Meanwhile, the banking sub-sector continued to drive total volume, pushing the NSE Banking Index up by 1.8 per cent or 7.88 points from 435.04 to 442.92 points.

In the banking sub-sector, investors staked N2.56bn on 248.34 million shares in 3,855 transactions.

Activities in the banking sub-sector accounted for 68 per cent of total turnover and 68 per cent of value recorded on Thursday.

Trading in the shares of Zenith Bank Plc drove volume in the sub-sector.

 

Source: Punch