Market rebounds as index gains 0.83%
By Ademola Alawiye
Saturday, 12 Jun 2010
Equity trading on the Nigerian Stock Exchange witnessed a rebound on Friday, as major market indices rose marginally, closing on a positive note.
Specifically, the NSE?s All Share Index rose by 0.83 per cent or 208.61 basis points to close at 25,422.79 basis points, compared to 25,214.18 basis points recorded on Thursday.
Similarly, the market capitalisation of the 198 first tier securities increased by 0.83 per cent or N50bn from N6.13tn, to close at N6.18tn.
The NSE-30 index closed at 1,055.21 basis points, from 1,047.62 basis points, representing an increase of 0.72 per cent or 7.59 basis points.
The banking index closed at 391.56 basis points, following an increase of 1.68 per cent or 6.46 points from 385.10 basis points. The sub-sector accounted for 41 per cent of total turnover, as investors exchanged a total of 144.66 million banks? shares, valued at N1.23bn in 3,508 deals.
Trading in the shares of Zenith Bank Plc, Fidelity Bank Plc and Diamond Bank Plc drove volume in the sub-sector.
The insurance index also rose by 1.53 per cent or 2.86 points from 187.30 basis points to close at 190.16 basis points on Friday.
Activities in the sub-sector accounted for 13 per cent of total turnover. Trading in the shares of NEM Insurance Company Nigeria Plc, AIICO Insurance Plc, Cornerstone Insurance Company, Custodian and Allied Insurance Plc drove volume in the sub-sector.
Dangote Sugar Refinery Plc led 32 other companies on the gainers? chart, rising by 4.8 per cent or 87 kobo to close at N18.98 per share. Ecobank Transnational Incorporation followed with an increase of five per cent or 78 kobo to close at N16.49 per share, while Nigerian Breweries Plc gained 0.8 per cent or 50 kobo to close at N62.50 per share.
African Petroleum Plc led the losers? chart, losing 4.3 per cent or N1.65 to close at N37.00 per share, while Cement Company of Northern Nigeria Plc lost five per cent or N1.00 to close at N19.19 per share. PZ Cussons Nigeria Plc followed with a loss of 3.1 per cent or N1.00 to close at N31.00 per share.
Meanwhile, some companies released their forecasts at the NSE.
Glaxo Smithkline Consumer Nigeria Plc predicted a turnover of N4.49bn and profit after tax of N607.9m during the third quarter ending September 30, 2010.
Chemical and Allied Products Plc also forecast a turnover of N2.48bn and profit after tax of N447.1m during the third quarter ending September 30, 2010. While tantalizers Plc expected a turnover of N1.35bn and profit after tax of N58.34m during the third quarter ending September 30, 2010.