Stock market indicators close on high note

04.01.2008

The upsurge in the opening equity transactions on the Nigerian Stock Exchange (NSE) which saw the unprecedented movement in major indicators continued on Thursday with value in indicators closing yet on the higher side.

The twin major market indices rose by significant increase of N119 billion and 617.39 basis points respectively, amounting to 2.3 per cent rise.

This indicated an increase of 1.15 per cent growth in the total market capitalisation of all listed equities which closed higher at N10.40 trillion over the previous N10.28 trillion, alongside the same increase of 1.15 percent in the all-share index.

The index rose to a new high of 59,257.16 from the proceeding 58,579.77 points. Analysis of the price movement chart for the day showed that for the second day, petroleum marketing majors experienced greater capital appreciation.

African Petroleum (AP) led the other 80 gainers with N10.86 to close at N228.21. Conoil Plc followed appreciating N4.41 to close at N92.79. Julius Berger, ETI and Mobil closed the top five gainers table with N4.02, N3.00 and N3.00 to close at N84.42 and N210.00 and 188.00 in that order.

Oando Plc led on the flip side with N6.00 to close at N119.00, while Nestle trailed behind with N5.80 to close at N270.92. Oceanic Bank lost N1.02 to close at N38.03. Afroil and Nigerian Breweries declined N0.55 and N0.50 to close at N10.45 and N48.50 respectively.