Stock Market Continues on the Recovery Path
- By Bukola Idowu
- Published February 8th, 2010
- News
- Unrated
THE stock market continued on the recovery path last week, as banking stocks remained the toast of investors. The NSE Banking Index which measures the value of 10 top banking stocks went up by 4.5 per cent last week.
The banking sub-sector also remained the most active at the market with a traded volume of 1.4 billion shares worth N10.52 billion exchanged by investors in 19,851 deals. Volume in the sub-sector was largely driven by activity in the shares of FinBank Plc, UBA Plc, Diamond Bank Plc, First Bank of Nigeria Plc and Fidelity Bank Plc, all of which recorded price appreciations.
FinBank Plc closed the week trading at N0.80, while UBA, Diamond, FBN, and Fidelity grew their share prices to N41.90, N9.27, N15.17 and N2.66, respectively. The NSE Insurance Index also rose by 2.3 per cent to 218.11.
The All Share Index and the market capitalization both went up by 2.8 per cent at the end of trading activities last week. The market capitalization which opened the week at N5.44 trillion gained N152.06 billion during the five day trading to close on Friday at N5.59 trillion. The ASI also rose by 631.38 points to close at 23,226.28.
Meanwhile, a turnover of 2.73 billion shares worth N18.94 billion in 36,457 deals was recorded in the week, in contrast to a total of 2.32 billion shares valued at N14.15 billion in the preceding week in 71,619 deals. The Information Communication and Telecommunication sub-sector, boosted by activity in the shares of IHS Plc, followed the banking sub-sector on the week’s activity chart with a turnover of 518.5 million shares valued at N2.01 billion in 380 deals.
A total of 52 stocks appreciated in price during the week, lower than the 58 of the preceding week while 50 stocks depreciated in price. Nestle Nigeria Plc led on the gainers’ table with a gain of N18.00 to close at N270.00 per share while African Petroleum Plc followed with N2.97 to close at N39.37 per share.
The banking sub-sector also remained the most active at the market with a traded volume of 1.4 billion shares worth N10.52 billion exchanged by investors in 19,851 deals. Volume in the sub-sector was largely driven by activity in the shares of FinBank Plc, UBA Plc, Diamond Bank Plc, First Bank of Nigeria Plc and Fidelity Bank Plc, all of which recorded price appreciations.
FinBank Plc closed the week trading at N0.80, while UBA, Diamond, FBN, and Fidelity grew their share prices to N41.90, N9.27, N15.17 and N2.66, respectively. The NSE Insurance Index also rose by 2.3 per cent to 218.11.
The All Share Index and the market capitalization both went up by 2.8 per cent at the end of trading activities last week. The market capitalization which opened the week at N5.44 trillion gained N152.06 billion during the five day trading to close on Friday at N5.59 trillion. The ASI also rose by 631.38 points to close at 23,226.28.
Meanwhile, a turnover of 2.73 billion shares worth N18.94 billion in 36,457 deals was recorded in the week, in contrast to a total of 2.32 billion shares valued at N14.15 billion in the preceding week in 71,619 deals. The Information Communication and Telecommunication sub-sector, boosted by activity in the shares of IHS Plc, followed the banking sub-sector on the week’s activity chart with a turnover of 518.5 million shares valued at N2.01 billion in 380 deals.
A total of 52 stocks appreciated in price during the week, lower than the 58 of the preceding week while 50 stocks depreciated in price. Nestle Nigeria Plc led on the gainers’ table with a gain of N18.00 to close at N270.00 per share while African Petroleum Plc followed with N2.97 to close at N39.37 per share.
