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NSE market value soars by N37bn

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By Michael Eboh & Chinedu Ibeabuchi

Investors’ agony on  the Nigerian Stock Exchange (NSE) was relieved, last week, as the value of listed equities closed the week on a bullish note, appreciating by N37.26 billion.

The rebound was premised on the just concluded African Securities Exchanges Association’s conference (ASEA) held in Abuja which market analysts believed would bring about a virile market activities even as a stock broker and financial analyst has advised regardless of  the slow pace in capital market recovery, investors should not be in a haste to sell-off their portfolios adding that the current market status is rather a better sign for investors to invest in the market as most of the listed companies have good fundamentals.

Madubuike Emeka, in an interview monitored on television, last week, however enjoined investors not to buy from borrowed fund due to the volatile nature of the market and recent occurrences in the market where borrowed funds invested into the capital market sank due to significant market depreciation.

Meanwhile, the market capitalisation which opened the week at N5.047 trillion soared by 0.74 per cent to close at N5.085 trillion on Friday after dropping to N4.952 trillion on the second day of trading day last week.. While the All-Share Index also rose by 0.74 per cent or 156.64 basis points to close at 21,374.41 from 21,217.77.

Thirty one stocks appreciated in price during the week under review, UAC of Nigeria plc led with a gain of N1.50 to close at N39.50 per share, followed by Skye Bank Plc rising by N1.42 to close at N6.62 per share and PZ Cussons Nigerian Plc appreciated by N0.89 to close at N24.50 per share.

On the contrary, Sixty one stocks depreciated inprice in the week under review led by Total Nigeria Plc dipping by N3.40 to close at N151.60 per share, followed by Conoil Plc dropping by N2.58 to close at N29.08 per share and Lafarge Cement Wapco Nigeria Plc lost N1.97 to close at N29.00 per share.

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