Stock Market Begins November On Positives

By Ikenga Chronicles November 2, 2016

Trading activities on the floor of the Nigerian Stock Exchange (NSE) yesterday opened the month of November on a positive note, driven by resumed bargain hunting activities, which lifted the NSE ASI and market capitalisation by 0.12 per cent.

Specifically, the All- Share Index gained 32.39 basis points or 0.12 per cent to close at 27.252.48 index points as against 27,220.09 recorded the previous day, while the market capitalisation of equities appreciated by N11 billion or 0.12 per cent to close at N9.360 trillion from N9.349 trillion.

Meanwhile, a turnover of 187.6 million shares exchanged in 3,065 deals was recorded in the day’s trading.

Banking services sub-sector of the financial services sector was the most active during the day (measured by turnover volume); with 58.8 million shares exchanged by investors in 63.9 deals.

Volume in the sub-sector was largely driven by activities in the shares of Sterling Bank Plc and UBA Plc. The shares of FCMB Plc and United Capital Plc followed with a turnover of 19.8 million shares exchanged in 1,362 deals.

The number of gainers at the close of trading session was 17, while decliners closed at 16. Eterna Oil Nigeria Plc led the gainers’ table with a gain of 9.96 per cent to close at N3.09 per share while Okomu Oil Plc followed with a gain of 9.18 per cent to close at N47.00 per share.

Red Star Express Plc added five per cent to close at N4.20 per share. On the other hand, UAC Property Plc led the price losers’ table, dropping 4.92 per cent to close at N3.09 per share.

UBN Plc followed with 4.87 per cent to close at N4.30 per share while Oando Plc trailed with a loss of 4.86 per cent to close at N4.70 per share.

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