This week has been very rewarding for investors at the stock market as they see a significant recovery in their investments. The market has been closing positively since Monday after dipping by about eight per cent this week.
Having opened the week with a growth of 0.52 per cent last week, the market recorded a higher growth of 2.61 per cent last week. And at the close of trading on Wednesday another upward movement was recorded. Specifically, the Nigerian Stock Exchange (NSE) Al-Share Index (ASI) appreciated by 2.55 per cent to close at 29,177.58. Similarly, market capitalisation added N242 billion to close at N9.7 trillion. However, the volume and value of trading fell by 15.2 per cent and 0.3 per cent to 424.3 million shares and N3.5 billion compared to the previous day’s performance.
The bulls were in total control of the market as 30 stocks appreciated in value compared to only 11 stocks that depreciated. Guaranty Trust Bank Plc the price gainers with 10.2 per cent, followed by Transcorp Plc with 9.0 per cent. Access Bank Plc chalked up 6.1 per cent, while United Bank for Africa Plc added 5.3 per cent.
Other top price gainers included: Glaxosmithkine Consumer Nigeria Plc( 5.0 per cent); Okomu Oil Palm Plc( 4.9 per cent); Guinness Nigeria Plc and Ikeja Hotel Plc ( 4.7 per cent) and FBN Holdings Plc (4.4 per cent).
Conversely, International Breweries Plc and RT Briscoe Nigeria Plc led the price losers with 5.0 per cent apiece, trailed by Julius Berger Nigeria Plc with a 4.9 per cent decline.
In terms of sectoral performance, the NSE Banking Index led sector gainers with 4.8 per cent. The NSE Industrial Goods Index appreciated by 3.0 per cent, while the NSE Consumer Goods Index, NSE Insurance Index and NSE Oil & Gas Index rose by 0.7 per cent, 0.3 per cent and 0.2 per cent in that order.
After three days of positive performance, analysts at Afrinvest said, “We expect short term investors may begin to take profit before the end of the week, hence causing a slowdown in the market rally. However, significant opportunities for long term investors still abound as investors anticipate the release of full year 2014 results.”