Stock market bounces back, as investors gain N33.9bn
By Nkiruka Nnorom
THE persistent losing streak on the Nigerian Stock Exchange, NSE, was halted, yesterday, as investors gained N33.9 billion propelled by positive activity in Nigerian Breweries Plc, Dangote Cement Plc and Forte Oil Plc.
This came as the NSE launched Lagos Chapter of Nigerians in the Square Mile (NISM). NISM, established in 2008, is a membership organisation and think tank made up of outstanding individuals in the financial and professional services sectors in the City of London and has become a quietly and increasingly influential organisation advancing the interests of Nigeria and Nigerians in the world’s leading financial centre. At the close of the day’s trading session, the market capitalisation of all listed equities rose to N8.697 trillion from N8.774 trillion on Tuesday, representing 0.4 per cent increase.
Industrial goods sector
Similarly, the All Share Index, ASI, rose by 0.4 per cent from 25,460.45 points to 25,130.26 points. Performance across sectors was mixed as three indices recorded price gains while two declined. The consumer goods sector rebounded from a six-day bearish run, adding 1.7 per cent as investors swooped on shares of Nigerian Breweries Plc which rose by 4.2 per cent and International Breweries Plc that appreciated by 4.7 per cent.
Similarly, the industrial goods sector witnessed 0.3 per cent increase on the back of gains in Dangote Cement Plc that recorded 0.6 per cent returns. On the flipside, the banking sector decreased by 1.1 per cent as a result of negative disposition to shares of Guaranty Trust Bank Plc, Zenith International Bank Plc and Access Bank Plc, which went down by 2.0 per cent, 0.9 per cent and 1.5 per cent respectively, while the insurance sector closed 0.5 per cent lower on the back of 4.5 per cent and 0.3 per cent losses in Continental Reinsurance Plc and Custodian and Allied Insurance Plc respectively.
Speaking at the launch of NISM yesterday, Oscar Onyema, CEO, NSE, said that the establishment of NISM in Lagos would provide a better link that works for Nigeria by connecting the best of two cities – London and Lagos.
He noted that the link would connect leaders in finance and commerce in Lagos with those in London, while creating a powerful alliance of the best thought leaders in both cities.
He assured that the Exchange is open to opportunities that would create durable wealth for all legitimate investors, adding that it is the reason the Exchange has championed the listing and trading of multiple products, including equities, Exchange Traded Funds, ETFs, bonds, Real Estate Investment Trusts,REITs, and have developed a strong market data business to provide timely information to investors through multiple channels.
The post Stock market bounces back, as investors gain N33.9bn appeared first on Vanguard News.
Continue on source: Stock market bounces back, as investors gain N33.9bn