Stock Market Review - Jan 10, 2011
Activities at the Nigerian Stock Exchange were upbeat for the first week of the year. This reflected the impact of AMCON's intervention coupled with renewed interest by investors to take position in anticipation of good corporate performance by blue chip companies.
Consequently, all market indicators closed on a positive note, with the NSE All-Share Index rising by 5.65% to close at 26,169.86 points compared with a marginal increase of 0.33% in the previous week. The market however lost 1.26% on Friday due to profit taking.
The market capitalization also, recorded an increase of 5.65% to close at N8.360 trillion as against N7.913 trillion recorded in the previous week. The volume of shares traded for the week rose significantly by 210.08% to 2.121bn compared to 684m recorded in the previous week. The value of shares traded also increased by 354.65% to N22.445bn compared to N4.936bn.
The Banking sector continued as the most active with 1.607bn shares traded last week, valued at N16.974bn in 15,429 deals. Volume in the sector was largely driven by activities in the shares of Zenith Bank Plc, Access Bank Plc, Fidelity Bank Plc and Guaranty Trust Bank. Trading in the shares of the 4 banks accounted for 881.6m shares, representing 55% of volume traded in the sector.
68 stocks appreciated in price during the week compared with 38 in the preceding week, while 20 stocks depreciated in price compared with 34 in the preceding week, signifying that there were more losers than gainers.