Nigerian market ends the week on a high

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Trading activities on the Nigerian Stock Exchange (NSE) on Friday closed for the week on a positive note after a two-day lull as the market indices appreciated by 0.49 per cent. The All- share index rose by 111.14 basis points or 0.49 per cent to close at 22,622.44 as against 22,511.30 recorded on Thursday.

Also, the market capitalisation which opened at N7.179 trillion appreciated by N35 billion or 0.49 per cent to close at N7.214 trillion due to price gains by blue chip equities.

Mobil led the gainers’ chart with N3.74 to close at N132.90 per share. Dangote Cement followed with N1.50 to close at N121.50, while Presco rose by 65k to close at N13.65 per share. Presco has been on the rise since the beginning of the week, following the release of the company’s first quarter result which shows a record increase in its profit after tax from N567.5million last year to N1.627 billion this year. It is a rise that the market cannot but underscore as the full year PAT for the company in 2011, was N1.8billion, less than N200million more than what the company has earned in three months this year.

Analysts said Presco Plc may continue its upward run next week.

AshakaCement also appreciated by 34k to close at N10.49, while Oando grew by 31k to close at N17.30 per share.

On the other hand, NewGold recorded the highest lost leading the losers’ chart with N9 to close at N2,428 per unit.

BetaGlass dropped by 58k to close at N11.10, while Unilever lost 51k to close at N29 per share.

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Cement Company of Northern Nigeria (CCNN) depreciated by 19k to close N5.01, while FCMB dipped by 15k to close at N5.25 per share.

The financial services sector was the most active accounting for 211.81 million shares worth N2.31 billion exchanged in 2,177 deals.

However, the banking sub-sector of the financial services sector remained the toast of investors with an exchange of 194.09 million shares valued N2.29 billion traded in 2,063 deals.

GTB was investors’ delight accounting for 62.41 million shares worth N1.01 billion traded in 486 deals.

Zenith ranked second with 59.02 million shares valued N885.01 million exchanged in 203 deals.

Over all, investors’ staked N2.9 billion on 278.23 million shares traded in 3,750 deals. This was in contrast with 332.36 million shares valued N2.4 billion traded in 4,247 deals on Thursday, a decrease of 16.3 per cent.

For the full picture of stocks behaviour Friday, please click here:GAINERS AND LOSERS FOR 11TH MAY, 2012