National Daily

Market stirs

•60 stocks appreciate in value •Index up 10.3 percent •Capitalisation closes higher at N8.3t

By OLUTAYO OLUBI

AIRS of resurgence seem to be pervading trading activities on the floor of the Nigerian Stock Exchange (NSE) as investors renewed their interest. For the first time in several weeks, transactions ended on a positive note. The era of zero gainers came to an end as Sixty (60) stocks .appreciated in price during the week, higher than the twenty-two (22) in the preceding week. Two stocks each from the Breweries and Banking subsectors occupied the Top four positions on the gainers table. Guinness Nigeria Plc led on the gainers' table while Nigerian Breweries Plc followed.

Forty (40) stocks depreciated in price during the week, lower than the seventy-nine (79) in the preceding week. Two Petroleum (Marketing) stocks led on the losers' table. As in the preceding week, Chevron Oil Nigeria Plc led on the price losers' table, while Oando Plc followed.

Market analysts have expressed optimism that the rebound would be sustained. They argued that majority of the stocks had fallen to their lowest level where a rebound was expected.A turnover of 2 billion shares worth N18.55 billion in 53,739 deals was recorded in the week, in contrast to a total of 1.8 billion shares valued at N13.74 billion exchanged in the preceding week in 38,845 deals.

The Banking subsector was the most active during the week (measured by turnover volume); with 1.1 billion shares worth Nl3.82 billion exchanged by investors in 33,773 deals. Volume in the Banking subsector was largely driven by activity in the shares of Access Bank Plc, First City Monument Bank Plc and Oceanic Bank International Plc. Trading in the shares of the three banks accounted for 397.44 million shares, representing 36.4percent of the subsector's turnover.

The Insurance subsector, boosted by activity in the shares of International Energy Insurance Plc and Investment and Allied Assurance Plc, followed on the week's activity chart with a turnover of 482.25 million shares valued atN878.92 million in 5,125 deals.

The Banking subsector led on the activity chart and was followed by the Insurance subsector, in the previous week.
The All-Share Index rose by 10.3per cent to close on Friday at 37,876.06. The market capitalization of the 197 First -Tier equities closed higher atN8.31 trillion.