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The positive trend which dominated the Nigerian Stock Exchange (NSE) since trading sessions reopened this year continued on Thursday, with the market recording a two per cent increase.
At the close of trading, the market capitalisation recorded N167 billion gains to close the day at N8.4 trillion from N8.3 trillion. It had on Wednesday gained over N281 billion.
All the sectoral indexes maintained previous positive outlook as NSE-30, which measures the performance of blue chips in the market, gained by 2.50 per cent; the NSE Oil & Gas gained the highest point by 3.98 per cent; the Banking moved up by 3.07 per cent; Insurance appreciated by 1.65 per cent while the Food & Beverages closed with the lowest score to gain by 0.90 per cent.
Tunde Oladapo-Dixon, chief executive officer, StockPicks Consulting, a stock broking firm, said trading activities are still expected to show oscillatory performances during the year, despite the current rally in the market.
“Market performance will be oscillatory in movement because cautious trading is still expected during the year. When we see the breakdown and implementation of the 2011 budget and the macro access, we will also know the direction of the market because that dictates what happens in any economy,” Mr. Oladapo-Dixon said.
Gainers decline A total of 58 stocks appreciated in price on Thursday, lower than the 69 recorded the previous day, while 14 stocks depreciated in value higher than the 8 of Wednesday.
Total Oil and Nigerian Breweries topped the price gainers’ table with an increase of N11.00 and N3.95 on their opening prices of N223.00 and N79.05 per share. Oando Oil and Flour Mills Nigeria followed in the chart with an increase of N3.51 and N2.00 respectively, to close at N73.86 and N75.00 per share.
Cement Company of Northern Nigeria and Okomu Oil led on the price losers’ chart with a loss of 65 kobo and 40 kobo, to close at N14.71 and N14.80 per share. Vitafoam and Dangote Flour followed with a decrease of 30 kobo and 25 kobo on their initial prices of N6.75 and N17.95 per share.
Banks maintained lead
The Banking subsector maintained its lead as the most active with 565.252 million quantities of shares, valued at N6.7 billion. The subsector’s volume was largely driven by shares of Zenith Bank, followed by Access Bank, First Bank, and UBA.
Trading activities in the Insurance subsector was second highest yesterday, with 41.409 million shares valued at N34.591 million. Volume in the subsector was boosted by deals in shares of Continental Reinsurance, NEM Insurance, and Law Union & Rock Insurance.
The Food/Beverages subsector followed in the chart with 25.276 million shares worth N460.680 million. Dangote Sugar, Dangote Flour, and Tantalizers boosted the subsector’s volume.