Banks Lead Market Rally as Access Bank Looks Good
- By Business World
- Published January 11th, 2011
- News
- Unrated
BANKING stocks which harbour over 50 per cent investors funds in the capital market opened the new year on a positive mood, indicating the nature or recovery that is to come. Apart from the late week fall in share prices, the signals for a positive harvest from banking investments have even become clearer. Investors are upbeat that the market is on its way back.There is hope of recovery on the nation’s capital market this year.
The trading activities recorded an impressive performance as market capitalisation of the 201 first -tier equities listed gained 5.6 per cent or N447.071 billion while the NSE All-Share Index appreciated by 1,399.34 basic points or 5.6 per cent to close on Friday at 26,169.86. Stockbrokers attributed the market performance during the week to the ongoing activities on Asset Management Company of Nigeria (Amcon).
During the week, a turnover of 2.12 billion shares worth N22.445 billion in 26,018 deals was recorded, in contrast to a total of 684.14 million shares valued at N4.94 billion exchanged previous week in 12,265 deals. The stock market opened for four days as Monday was declared public holiday to commemorate the New Year.
Banking sub-sector was the most active during the week (measured by turnover volume); with 1,607.65 million shares worth N16.97 billion exchanged by investors in 15,429 deals. The Insurance sub-sector, boosted by activity in the shares of Continental Reinsurance Plc and NEM Insurance Company Plc, followed on the week’s activity chart with a turnover of 171.9 million shares valued at N163.84million in 1055 deals.
Sixty-eight stocks appreciated in price during the week, higher than the 38 of the preceding week. Nestle Nigeria Plc led on the gainers’ table with a gain of N16.45 kobo to close at N385.00 kobo per share.
The trading activities recorded an impressive performance as market capitalisation of the 201 first -tier equities listed gained 5.6 per cent or N447.071 billion while the NSE All-Share Index appreciated by 1,399.34 basic points or 5.6 per cent to close on Friday at 26,169.86. Stockbrokers attributed the market performance during the week to the ongoing activities on Asset Management Company of Nigeria (Amcon).
During the week, a turnover of 2.12 billion shares worth N22.445 billion in 26,018 deals was recorded, in contrast to a total of 684.14 million shares valued at N4.94 billion exchanged previous week in 12,265 deals. The stock market opened for four days as Monday was declared public holiday to commemorate the New Year.
Banking sub-sector was the most active during the week (measured by turnover volume); with 1,607.65 million shares worth N16.97 billion exchanged by investors in 15,429 deals. The Insurance sub-sector, boosted by activity in the shares of Continental Reinsurance Plc and NEM Insurance Company Plc, followed on the week’s activity chart with a turnover of 171.9 million shares valued at N163.84million in 1055 deals.
Sixty-eight stocks appreciated in price during the week, higher than the 38 of the preceding week. Nestle Nigeria Plc led on the gainers’ table with a gain of N16.45 kobo to close at N385.00 kobo per share.
