By Providence Obuh

Investors on the Nigerian Stock Exchange (NSE) have regained confidence in the capital market as a result of the strong market performance which started last week Tuesday, despite the fact that the market opened on red note.

Analysts have it that active bargain activities ensued from action plan of AMCON towards toxic assets in the coming weeks, noting that updates on non performing loans (toxic assets) in financial sector revealed that AMCON has unveiled plans on valuation of the toxic assets towards ensuring fast recapitalisation process.

However, the market indicators for measuring the performance indices, the market capitalisation and the All share index appreciated last week by 2.29 per cent each.

Specifically, the capitalisation rose to 181.17 billion to close at N8.100 trillion from N7.919 trillion at which it opened the week, while the index surged by 567.36 bases points to close at 25,367.83 points from 24,800.47 points at which it opened.

Mobil Oil Nigeria Plc led 60 other stocks on the gainers’ table with a gain of N5.48 to close at N152.00 per share, Oando Plc followed with a gain of N2.70 to close at N66.75 per share and Chemical and Allied Products Plc garnered N1.59 to close at N33.49 per share.
Other share price gainers’ include: Zenith Bank Plc N1.30, Nestle Nigeria Plc N1.00, Dangote Sugar Refinery Plc N0.91, Dangote Flour Mills Plc N0.90, Access Bank Plc N0.88, United Bank for Africa Plc N0.85, Nigerian Breweries Plc N0.80, among others.

Conoil Plc led on the losers’ table, dropping by N4.35 to close at N36.63 per share, Flour Mills of Nigeria Plc followed with a loss of N3.76 to close at N68.25 per share and African Petroleum Plc dipped by N2.94 to close at N22.00 per share.

Other share price losers include: Northern Nigeria Flour Mills Plc N2.02, Dangote Cement Plc  N1.90, 7-Up Bottling Company Plc N1.81, Nigerian Bottling Company Plc N0.60, Morison Industries Plc N0.58, Cadbury Nigeria Plc N0.50, UACN Property Development Company Plc N0.49, among others.

A turnover of 2.65 billion shares valued at N21.5 billion was recorded in 31,639 deals, meanwhile trading appreciated by 47.2 per cent, in the week under review, in contrast to penultimate week’s turnover of 1.8 billion shares valued at N43.43 billion in 31,904 deals.

The Banking sub-sector was the most active on the sectorial analysis accounting for 71.70 per cent of the market turnover with1.9 billion shares valued at N13.45 billion in 16,158 deals.  United Bank for Africa Plc stock excite’s investors in the sub-sector trading 329.238 million shares valued at N3.10 billion in 1,254 deals, Oceanic Bank International Plc followed with the exchange of 248.36 million shares valued at N770.23 million in 2,049 deals and Zenith Bank Plc recorded 152.23 million shares valued at N2.26 billion in 2,185 deals.

The Insurance sub-sector, came behind on the sectorial analysis accounting for 10.22 per cent of the market turnover with 271.5 million shares valued at N186.9 million in 1,324 deals. African Alliance Insurance Plc was most sought after in the subsector trading 128.49 million shares valued at N64.24 million in 19 deals, AIICO Insurance Plc, followed with the exchange of 29.93 million shares valued at N31.10 million in 549 deals and Lasaco Assurance Plc recorded 24.50 million shares valued at N12.25 million in 87 deals.