Market trend reverses as capitalization appreciates by N92bn

At the close of trade on the floor of the Nigerian Stock Exchange (NSE) on Thursday, market trend having bottomed out, reversed as indices inched upwards NSE recorded an impressive increase by 1.05 percent as other indices also closed the day positive.

Consequently, the All Share Index (ASI) increased by 266.14 points to settle at 25,533.82 while the market capitalization added N92.1 billion to close at N8.835 billion.

Price movement chart showed 24 gainers were paired against 9 losers, Airservice led the gainers table led with 9.54 percent to close at N3.56, Cadbury grew 5 percent to close at N7.98, while Continental Reinsurance increased 4.72 percent to close at N1.11 per share.

Unilever was fourth on the gainers table with an appreciation of 4.66 percent to close at N33.49 per share and Africa Prudential added 3.40 percent to close at N2.43 per share.

Cement Company of Northern Nigeria (CCNN) topped the day’s losers with a depreciation of 4.89 percent to close at N4.47 per share, Jaiz Bank followed with a loss of 4.72 percent to close at N1.21, while AIICO Insurance shed 3.57 percent to close at 54 kobo per share.

Fidson closed at 98 kobo following a decline of 2.97 percent and UACN recorded a decline of 2.26 percent to close at N13 per share.

Meanwhile, a stockbroker Mr. Rotimi Fakayejo, MD/CEO Enterprise Stockbrokers Plc who opined that announcement of endorsement of demutualization by NSE members may have led to market uptick, said to our correspondents that the demutualization is a fulfillment of a long standing desire by dealing members, and a step towards better efficiency of the stock exchange.

“It is a great thing that is coming up now, it will boost liquidity through increased transactions and we hope the process is brought to a conclusion before the end of the year” he said.