NSE index adds 2.77% to hit 30,000bp, as FBN Holdings tops gainer

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Traders work at the Nigerian Stock Exchange in Lagos, February 13, 2015. REUTERS/Joe Penney

The equities market sustained growth into the month of June as the Nigerian Stock Exchange (NSE) All Share Index (ASI) reached an 11-month high Thursday.

ASI increased 2.77 percent to close at 30,314.14 points, while the Market Capitalisation appreciated N282 billion to close at N10.479 trillion, increasing the Week-to-Date and Year-to-Date gains to 4.30 percent and 12.80 percent.

Market breadth remained positive, with 39 gainers versus 11 losers as Total volume traded increased by 26.59 percent to 434.43 million shares, valued at N4.63 billion, and exchanged in 5,107 deals.

FBN Holdings led the gainers with a 10 percent increase in share price that closed at N5.83. It was followed by May & Baker that grew 9.40 percent to close at N1.63 per share and Learn Africa which added 8.11 percent to close at 80 kobo per share.

Champion Breweries and Access Bank likewise appreciated 6.99 percent and 5.53 percent each to close at N2.45 and N8.40 per share.

On the other hand, Linkage Assurance topped the losers chart with a loss of 9.52 percent to close at 57kobo per share. Oando fell 5.33 percent to close at N8 and 7up dropped 4.99 percent to close at N90.04. Jaiz Bank and Caverton came fourth and fifth on the losers chart shedding 4.21 and 4.17 percent each to close at 91kobo and 92 kobo per share each.

Diamond Bank topped trading, by volume, with 71.7 million shares valued at N72.7 million, followed by UBA with 66.4 million shares worth N522 million, while Access Bank traded 48.3 million shares valued at N405.2 million.

FCMB also traded 44.8 million shares worth N52.7 million, and FBN Holdings traded 37.2 million shares valued at N216.8 million.

The recent performance of the equities market signals a recovery largely attributed to increasing demand for banking stocks as well as stocks listed on industrial and consumer goods sector.

Capital market Analyst had, predicted the rebound of the market especially on account of impressive growth recorded in the 2016 accounts of quoted companies in spite of the challenging macro and micro economic environment and improved investor confidence owing to a more flexible and transparent foreign exchange management by the Central Bank of Nigeria (CBN).

As at the end of May, the market recorded a growth of 14.5 percent with a total gain of N1.2 trillion in Market Capitalisation.

Statistics from the NSE for the month of May showed that market capitalisation improved from N8.913 trillion at the end of April to N10.198 trillion as at May 31st, while the ASI rose from 25,758.51 to 29,498.31.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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