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Scramble for shares pushes NSE market indicators higher

Investors’ yearlong scramble for the shares of quoted financial institutions remains very high at the Nigerian Stock Exchange, in spite of their noticeable net profit shortfalls, posted in the nine months to September 31, 2015.

At the close of transactions Friday, investors committed N9.89 billion in 1.07 billion shares of the Financial Services Industry in 7,803 deals.

Investors’ appetite in the financial services industry accounted for the 87.73 per cent and 67.33 per cent of the market turnover in terms of volume and value respectively.

A further breakdown of activities showed that GTBank, First Bank Holdings and Union Homes, Savings and Loans accounted for the bulk of trading in the financial services sector or 610.56 million shares of the valued at N7.34 billion exchanged in 3,262 deals.

The Consumer Goods Industry followed with 48.46 million shares valued at N2.45 billion in 2,560 deals while the Conglomerate Industry accounted for N364.53 million staked on 45.91 million shares traded in 622 deals.

Okomu Oil led the gainers table, chalking up N2.75 to close at N29.65 per share.

Beta Glass share price appreciated by N4.42 to close at N50.90 while Unilever gained N1.92 to close at N41.82 per share.

Conversely, Forte Oil led the losers’ table by shedding N26.85 to close at N248.65 per share.

First Bank holdings’ share price fell by 55k to close at N4.90 while Ikeja Hotels lost 48k to close at N3.18 per share.

Investors’ sustained drive to acquire financial services industry shares impacted positively on the market indicators.

The NSE All-Share Index and Market Capitalisation, for the second time in two months, appreciated by 0.05 per cent to close at 27, 631.05 points and N9.50 trillion.

In all, investors in the period under review, bought 1.22 billion shares worth N14.69 billion in 13,485 deals compared with 1.04 billion shares valued at N13 billion traded in 13,407 deals in the previous week.

The Federal Government bonds also accounted for 90 units valued at N109, 423.68 compared with 8,262 units of federal government bonds sold in the preceding week for N9.15 million in seven deals.

Post From Premium Times Nigeria

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