Market rebounds as index hits eight-week high

Trading activities on the Nigerian Stock Exchange witnessed a reversal on Thursday, as transactions closed positive. Specifically the NSEs Index hit an eight-week high, rising by 156.75 basis points or 0.8 per cent to close at 20,773.98, from 20,617.23 points the previous day.The market capitalisation of the listed equities rose by N49bn or 0.8 per cent from N6.497tn on Wednesday to N6.546tn.The NSE-30 Index rose by 0.3 per cent or 3.01 points, from 923.39 points to close at 926.40 points.This, according to analysts, was as a result of increased activities and high demand for stocks in some key sectors.Specifically, renewed buying activities were recorded in the agriculture, conglomerates, consumer goods, financial services and industrial goods sectors, which impacted the outlook recorded.Among the other indices in the market, the NSE food/Beverages Index recorded the highest appreciation, rising by 6.44 basis points or 1.1 per cent from 577.41 points to 583.85 points.The banking index, however, fell by 0.2 per cent or 0.67 basis points to close at 271.82 points, while the oil/gas index dropped by one per cent or 2.09 basis points to close at 217.48 points.The banking sub-sector maintained its lead on the activity chart, with investors exchanging 133.04 million shares, worth N826m in 1,350 transactions. Activities in the banking sub-sector accounted for 49 per cent of total turnover.Volume in the sub-sector was driven by trading in the shares of Zenith Bank Plc, Fidelity Bank Plc and United Bank for Africa Plc.A total of 20 stocks recorded price appreciation compared to 18 stocks which lost.Dangote Cement Company Plc recorded the highest price appreciation, rising by five per cent or N5.27 to close at N110.77 per share.Flour Mills of Nigeria Plc gained 4.9 per cent or N2.96 to close at N62.34 per share.Cement Company of Northern Nigeria and Red Star Express Plc rose by 4.82 per cent each to close at N4.35 and N2.39 per share respectively.On the other hand, Nigerian Breweries Plc lost the highest, shedding five per cent or N5.23 to close at N99.37 per share.UBA Plc also lost five per cent or 13 kobo to close at N2.47 per share.Forte Oil Plc and Sterling Bank Plc fell by 4.9 per cent and 4.8 per cent to close at N11.62 and N1.05 per share respectively.
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