Stock Market Recovers From Loss

By Ikenga Chronicles December 2, 2016

The Nigerian Stock Exchange (NSE) yesterday recorded a gain of 0.09 percent at the close of the market. The NSE had recovered ‎from days of losses following appreciable demand by investors who are taking advantage of low prices of stocks.

The  All- Share Index gained 23.45 basis points or 0.09 per cent to close at 25,265.08 index points as against 25.241.63 recorded the previous day while the market capitalisation of equities appreciated by N2 billion from N8.689 trillion the previous day to N8.691 trillion.

Meanwhile, a turnover of 773.86 million shares exchanged in 2,334 deals was recorded in the day’s trading.

The banking sub- sector of the financial services sector was the most active during the day (measured by turnover volume) with 706.2 billion shares exchanged by investors in 689 deals.  Volume in the sub-sector was largely driven by activities in the shares of Wema Bank Plc and Diamond Bank Plc.

Other financial services sub- sector, boosted by activities in the shares of FCMB Group Plc and Stanbic IBTC Plc, followed with a turnover of 26 million shares in 238 deals.

The number of gainers at the close of trading session was 15 while decliners closed at 14.

The day’s dealing also showed that Mobil Oil Plc, just as in the previous day, topped the gainers’ table with 10.25 per cent to close at N294.00 per share while Forte Oil Plc followed with 10.22 per cent to close at N59.20 per share, and Portland Paints Plc with a gain of 9.27 per cent to close at N1.65 per share.

On the flip side, Nacho Plc led the losers’ chart with a drop of 4.92 per cent to close at N2.32 per share.  CCNN Plc followed with a loss of 4.91 per cent to close at N4.26 per share while UAC-Property Plc dropped by 4.70 per cent to close at N2.23 per share.

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