NSE All-share index crosses 34,000 mark
Massive ‘buying’, occasioned by expectations of positive prospects yesterday, spurred activities in the nation’s stock market, causing market capitalisation to soar significantly by 8.5 per cent.
Also the NSE All Share Index closed higher crossing 34,000 mark to hit 34388.46 points which is the highest growth recorded so far this year.
Specifically, at the close of trading yesterday , the market indices of the Nigerian Stock Exchange rallied on the announcement of the result for nation’s presidential election, appreciating by N906 billion or 8.45 per cent to N11.623 trillion from N10.717 traded yesterday.
Investors for the day bought 881.584 million shares valued at N10.938 billion in 4611 deals.
An analysis of the trading activities showed that Nestle Nigeria Plc led gainers table appreciating by N47.00 to close at N892.00, Seplat Petroleum Development followed with a gain of N31.50 kobo to close at N429.50 kobo Forte Oil gained N18.14 kobo to close at N195.22 kobo, Dangote Cement increased by N16.40 kobo to close at N176.40 kobo and Nigerian Breweries N14.64 kobo to close at N158.34 kobo.
On the contrary, Fidson Healthcare topped losers chart dropping by N0.18 kobo to close at N3.58 kobo, Okomu Oil trailed with a loss of N0.09 kobo to close at N29.75 kobo International Energy Insurance loss N0.01 kobo to close at N0.53 kobo, Studio Press remained at N2.30 kobo while Premier Paint stood unchanged at N10.93 kobo.
Further analysis indicated that FBN Holdings traded the highest volume of shares for the day, exchanging 191.937 million shares worth N1.838 billion, Access Bank followed with account of 123.843 million shares valued at N831.518 million while FCMB sold 110.609 million shares worth N349.306 million. GTBank traded 80.655 million shares valued at N2.333 billion while Diamond Bank exchanged 65.613 million shares in N292.628 million.
The managing director of APT Securities and Funds Limited, Mallam Kurfi Garuba said, urged government to revisit privatisation in order to allow for listing of government enterprises that are operating sub-optimally, saying that the process of the privatization should be through the capital market and not individual.
“The government needs to set up a capital market committee to work with the Bureau of Public Enterprises (BPE) to drive the process,” he said.
He plegded operators readiness to support the incoming government in advisory capacity on how the capital market can be fully utilised to drive economic growth and development.
He urged government to create opportunity for the inflow of foreign investors and diversify the economy, adding that the new government should introduce policies that will address infrastructure, reduce corruption to barest minimum and agriculture to generate more foods to the economy.
A stockbroker with Deloit Securities Limited, Tunde Oyediran called on the new government to create enabling environment for business to trive in Nigeria.
He also called for good corporate governance from the new administration.
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1 Comments
My humble submission to the upward trend movement of the Nigerian Stock Exchange is realistically positioned on the outcome of the just concluded election in the country. Undoubtedly, the trend will further continue after the election slated for April 11, 2015. The unexpected support emanating from President Goodluck Jonathan lend further impetus from the institutional investors. This is a natural support, because no right thinking investors would invest where security is lagging! I assure investors both internationally and locally to give adequate support to the favourable condition that will surely prevail in Nigeria. What has been a distraction to Nigeria’s economic progress are corruption, lack of security, nepotism and other anti government activities. In passing, I must sincerely thank Professor Jega and his staff for a well done job; coupled with the President Jonathan’s full support for the outcome of the Presidential election. Barring un called for political activities, Nigeria economy will continue to grow phenomenally. Therefore, all hands must be on deck.
We will review and take appropriate action.