11 December 2015, Lagos – The stock market recorded some recovery on Thursday after dipping to a 37-month low as some banking stocks attracted high demand.
The Nigerian Stock Exchange (NSE) All-Share Index, which dipped by 1.9 per cent to close at 27,004.50 the previous day, went up by 0.75 per cent to close at 27,205.95 yesterday. The market capitalisation also added N69 billion to close at N9.35 trillion on the back of recovery by banking and consumer goods stocks.
Some analysts have attributed the persisted slide at the stock market to concerns on Nigeria’s fiscal viability and macroeconomic fundamentals as a result of the continuous fall in the crude oil prices.
A total of 25 stocks appreciated in value compared with 11 that shed value. Zenith Bank Plc led the price gainers with 8.9 per cent, just as seven other banking stocks were among the price gainers. They include Stanbic IBTC Bank Plc (4.8 per cent); FCMB Group Plc (4.5 per cent); FBN Holdings Plc(3.6 per cent); Skye Bank Plc (3.5 per cent); ETI Plc (1.2 per cent); Wema Bank Plc (1.1 per cent); Guaranty Trust Bank Plc (0.32 per cent).
Three of the five sectoral indicators closed higher led by the NSE Banking Index, trialed by the NSE Consumer Goods Index (1.9 per cent). The NSE Oil &Gas Index appreciated marginally by 0.003 per cent).
Conversely, the NSE Insurance Index fell on profit-taking activities in AXA Mansard Insurance Plc. Similarly, the NSE Industrial Goods Index closed lower due to a decline of 1.35 per cent in the share price of Dangote Cement Plc.
Meanwhile, investors traded 179.05 million shares valued at N1.46 billion in 2,747 deals, down by 39.14 per cent compared with N2.41 billion invested the previous day. The most actively traded sectors are: Financial Services (147.51million shares), Conglomerates (15.17million shares) and Consumer Goods (five million shares.)
- This Day