Business
Blue Chip Companies Appreciate At Exchange
Transactions on the Nigerian Stock Exchange on Tuesday remained on the upbeat as the market indices appreciated by 0.36 per cent. Reports say that the appreciation was as a result of price gains recorded by some blue chips.
The All-Share Index rose by 103.22 points, representing 0.36 per cent increase, to close at 29,089.51 against the 28,986.19 posted on Monday.
The market capitalisation of listed equities also rose by N33 billion or 0.36 per cent to close at N9.297 trillion in contrast to the N9.264 trillion recorded on Monday. NewGold ETF recorded the highest price gain of N12 to close at N2, 522 per unit. It was followed by Nestle with N5.40 to close at N706.50 per share. Total and UAC Property grew by N1.61 each to close at N128.20 and N13.22 per share respectively, while CAP increased by N1 to close at N29 per share.
On the other hand, MRS topped the price losers’ chart by N1.18 to close at N22.58 per share. Bagco followed with a loss of 22k to close at N2.38, while Presco lost 20k to close at N22.40 per share. Skye Bank dropped 18k to close at N5.48, while Morrison lost 16k to close at N3.14 per share. In all, investors exchanged 529.79 million shares worth N3.71 million in 6,858 deals.
This was against the 456.7 million shares valued at N3.002 billion exchanged in 5,826 deals on Monday.
The Managing Director, Trust Yield Investment Ltd., Alhaji Rasheed Yussuf,attributed the renewed interest in the market to expectations of improved results from quoted companies, especially the banking stocks. Yussuf also said that investors were moving their funds from money market to capital market in anticipation of the apex bank’s review of the monetary policy rates.
He said that opportunities in the capital market were enormous due to anticipated growth in 2013. He urged investors to invest now to gain from market recovery.