Equities Look Good for February Rebound
- By Kayode Ogunwale
- Published February 1st, 2010
- News
- Unrated
ACTIVITIES on the Nigerian Stock Exchange (NSE) floors in the month of January rounded off on bullish trend with market capitalisation recording N449.454 billion or 9 per cent increase from N4.992 trillion to close the month at N5.442 trillion. Also the All Share Index (ASI) rose by 1,756 points or 8.4 per cent from 20,838.90 to close the month with 22,594.90 points.
The price appreciation was more pronounced among the blue chip stocks which cut across Banking, Building materials and Conglomerates sectors. There is the tendency that trading activities in the month of February will continue with positive trend as most of the stocks are at the bottom rock.
However, trading activities maintained a bullish trend last week as market indices were on the rise with a turnover of 2.32 billion shares valued at N14.15 billion traded in 71,619 deals. This is in contrast to a total of 2.35 billion shares that was exchanged by investors in 160,784 deals with an attached value of N11.8 billion in the previous week. Also, ASl gained 564.72 basis points or 2.56 per cent to close the week at 22,594.90. Market capitalisation was also up by N136 billion or 2.56 per cent to close at N5.441 trillion.
The banking sub-sector remained the most active measured by turnover with 1.3 billion shares worth N10.35 billion exchanged by investors in 17,691 deals. Volume in the sub-sector was largely driven by activity in the shares of Finbank Plc, Zenith Bank Plc and First Bank of Nigeria Plc. Trading in the shares of the three banks accounted for 517.6 million shares, representing 39.85 per cent of the sub-sector’s turnover. As against 58 price gainers recorded the previous week, a total of 62 equities appreciated in price last week.
The price appreciation was more pronounced among the blue chip stocks which cut across Banking, Building materials and Conglomerates sectors. There is the tendency that trading activities in the month of February will continue with positive trend as most of the stocks are at the bottom rock.
However, trading activities maintained a bullish trend last week as market indices were on the rise with a turnover of 2.32 billion shares valued at N14.15 billion traded in 71,619 deals. This is in contrast to a total of 2.35 billion shares that was exchanged by investors in 160,784 deals with an attached value of N11.8 billion in the previous week. Also, ASl gained 564.72 basis points or 2.56 per cent to close the week at 22,594.90. Market capitalisation was also up by N136 billion or 2.56 per cent to close at N5.441 trillion.
The banking sub-sector remained the most active measured by turnover with 1.3 billion shares worth N10.35 billion exchanged by investors in 17,691 deals. Volume in the sub-sector was largely driven by activity in the shares of Finbank Plc, Zenith Bank Plc and First Bank of Nigeria Plc. Trading in the shares of the three banks accounted for 517.6 million shares, representing 39.85 per cent of the sub-sector’s turnover. As against 58 price gainers recorded the previous week, a total of 62 equities appreciated in price last week.
