Alhaji Rasheed Yussuf, the immediate past President, Association of Stockbroking Houses of Nigeria (ASHON), on Monday attributed the rebound in the nation’s bourse to investors’ increasing demand for equities.
Yussuf said in Lagos that low price of equities at the Nigerian Stock Exchange (NSE) contributed to high demand of equities.
According to him, the increasing market base confidence has led to stronger demand than supply of equities.
“The economy is still strong and investors are still showing interest in the market in spite of the nation’s insecurity challenges,” he said.
Yussuf said that the recession experienced by the South African economy contributed to the growth recorded by NSE and improved corporate actions of listed companies.
He, however, expressed optimism that the trend would continue with the resumption of the Central Bank of Nigeria Governor, Mr Godwin Emefiele and expectations of more results.
The NSE All-Share Index last week increased by 1642.57 points or 4.12 per cent to close at 41,474.40 points due to huge gains against 39, 831.83 points posted in the previous week.
The Market Capitalisation appreciated by 4.12 per cent to close at N13.695 trillion compared with N13.152 trillion achieved in the corresponding period.
Custodian and Allied Plc led the gainers’ table in percentage terms, growing by 16.07 per cent or 45k to close at N3.25 per share.
Forte Oil Plc followed with a gain of 14.66 per cent or N27.34 to close at N213.88, while Ashaka Cement advanced by 12.92 per cent or N2.57 to close at N22.47 per share.
On the other hand, Caverton Offshore Support Group topped the losers’ chart, shedding 22.93 per cent or N1.61 to close at N5.41 per share.
Oando declined by 8.95 per cent or N1.79 to close at N18.21 per share.
Meanwhile, a turnover of 1.90 billion shares worth N34.64 billion were exchanged last week by investors in 20,452 deals against 1.87 billion shares valued N23.92billion exchanged in 23,554 deals in the previous week.
The financial services sector led the week’s activity chart with 1.42 billion shares valued N19.32 billion traded in 10,795 deals.
The natural resources sector followed with a turnover of 105.02 million shares worth N52.60 million transacted in eight deals.
The third place was occupied by the oil and gas sector with 86.54million shares worth N2.29 billion in 2,725 deals.
(NAN)
