Still riding on the waves of positive sentiments, the Nigerian equities market yesterday opened 2013 with growth of 1.5 per cent, driving the capitalisation to four-year high of N9.1 trillion.
The market had closed 2012 with a growth of 35.4 per cent, the best performance in more than two years. Just as that growth is still being celebrated, the market continued on the positive trend Wednesday as the Nigerian Stock Exchange (NSE) All-Share Index rose by 1.5 per cent to close at 28,501.63. Similarly, the capitalisation of equities added N135 billion to hit N9.109 trillion, this highest since 2007.
The bulls overwhelmed the bears leading to 33 price gainers compared with eight price losers. Guaranty Trust Bank Plc led the price gainers with N1.60 to close at N24.60 per share. Presco Plc trailed with N1.50, while FBN Holding Plc chalked up N1.38 to close at N17.10 per share.
Conversely, Paints and Coating Manufacturers Plc led the price losers with N0.21 to close at N4.15 as investors embarked on profit-taking in the stock. The equity fetched investors capital gain of over 200 per cent in 2012.
John Holt Plc and Morison Industries Plc shed N0.17 apiece to be at N3.23 and N3.47 respectively, amongst others.
Some analysts had said the growth recorded in 2012 would be sustained in the 2013 though with occasional profit-taking by investors.
For instance, the Chief Executive Officer of Quest Advisory Services Limited, Mr. Bayo Rotimi, said: “The introduction of new products will help deepen and broaden the markets and ensure continued inflow of funds into the capital markets. New listings especially by telecoms, power, transportation and other infrastructure companies would undoubtedly boost market performance in the coming years. Enhanced market liquidity through the injection of long-term funds arising from the review of the investment guidelines by Pension Fund Administrators, the Sovereign Wealth Fund and the ongoing reforms in the insurance industry will also help to sustain positive performance in 2013.”