Equities Market Gains after Seven Days of Losses
Goddy Egene
The Nigerian equities market closed positively after seven days of decline. The Nigerian Stock Exchange (NSE) All-Share Index appreciated by 0.27 per cent to close at 34,208.30 while market capitalisation added N31.5 billion to close at N11.33 trillion. However, the appreciation of ASI may not be sustained the days ahead considering the fact that there were more price losers than gainers yesterday.
But the return of the bulls was propelled by gains gains recorded by top banking stocks such as Zenith Bank Plc and Guaranty Trust Bank Plc.Beta Glass Plc led the 20 price gainers, appreciating by 10 per cent Neimeth Interna- tional Pharmaceuticals Plc and Seven-Up Bottling Company Plc rose gains of 5.00 per cent each. Great Nigeria Insurance Plc and Costain (W.A) Plc garnered 4.0 per cent and 3.8 per cent respectively among others.
Conversely, Honeywell Flour Mills Plc led the 27 price losers declining by 5.0 per cent to close at N3.80 per share. Premium Breweries Plc, Jos Breweries Plc and Champion Breweries Plc shedding 4.9 per cent each. Fidson Healthcare Plc went down by 4.6 per cent.
Three of the five NSE sectorial indices appreciated led by the Banking index, which went up by 1.26 per cent. The NSE Consumer index rose by 0.30 per cent, while The NSE Industrial Goods Index closed 0.07 per cent higher. On the negative side, the NSE Insurance index recorded the worst decline of 1.14 per cent , while the NSE Oil/Gas index went down by 0.08 per cent. Investors traded 350.83 million shares worth N3.35 billion exchanged I 4,154 deals, compared with 525.931 million shares valued at N3.289 billion traded in 4,364 deals the previous day.
THE NIGERIAN STOCK EXCHANGE
According to analysts at Meristem Securities Limited, the market performance “may be a dead cat bounce, as we anticipate that market might be depressed in the period until next Monetary Policy Committee meeting given the consternation regarding probable policy decisions, particularly relating to the naira.”