NSE Index rebounds by 0.3%

After recording significant decline for the greater part of the week, the major indicators of the Nigerian Stock Exchange recorded a rebound on Friday.At the close of trading activities, the NSEs All-Share Index rose by 0.3 per cent or 52.69 basis points from 19,732.34 to 19,785.03 points. Similarly, the market capitalisation of the listed equities increased by 0.3 per cent or N20bn to N6.255tn up from N6.235tn recorded the preceding day.The NSE-30 Index and Food/beverages index rose by 0.4 per cent and 0.3 per cent to close at 881.59 and 553.06 basis points respectively.However, the NSE Banking Index and the insurance index recorded marginal losses, falling by 0.2 per cent and 0.1 per cent to close at 255.53 and 146.65 basis points in that order.Market analysts attributed the development to the fact that some investors in the market were taking advantage of the low prices of shares.Cadbury Nigeria Plc recorded the highest price appreciation of the day, rising by 4.9 per cent or 52 kobo to close at N11.02 per share.Eterna Oil and Gas Plc gained 4.9 per cent or 16 kobo to close at N3.46 per share.Cutix Plc and RT Briscoe Plc rose by 4.7 per cent each, to close at N1.78 and N1.34 per share respectively.Japaul Oil and Maritime Services Plc and Fidson Plc also gained 4.3 and 4.2 per cent to close at 72 kobo and N1.00 per share respectively.Forte Oil Plc, on the other hand, lost the highest price for the day, shedding five per cent to close at N7.40 per share.Julius Berger Nigeria Plc also lost five per cent or N1.92 to close at N36.51 per share.Presco Plc, Berger Paints Plc and Honeywell Flour Mills Plc lost 4.9 per cent each to close at N7.65, N8.10 and N2.70 per share in that order.The banking sub-sector maintained its lead on the activity chart, accounting for 59 per cent of total volume traded.In the sub-sector, 146.43 million shares, worth N1.135bn were exchanged by investors in 2,322 1,709 deals.Turnover in the sub-sector was largely driven by trading in the shares of Zenith Bank Plc.Other companies that drove volume in the sub-sector included First Bank of Nigeria Plc, Skye Bank Plc and Guaranty Trust Bank Plc.
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