News Column

All-Share Index Rises 0.10 Percent As Market Rally Continues

July 16, 2014

Trading at the stock market remained positive yesterday as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose further by 0.10 per cent to close at 42,971.56.

Trading at the market had opened for the week on Monday with a growth of 0.24 per cent as investors took a position ahead of corporate announcements.

The positive trend continued yesterday as Mobil Oil Nigeria Plc led 32 other stocks to extend the bull run. Consequently, the ASI closed 0.10 per cent higher while market capitalisation added N13.52 to close at N14.19 trillion.

Three of the five NSE sectoral indices went up led by the NSE Industrial Index with 1.15 per cent growth. The NSE Oil/Gas Index followed with a 0.73 per cent gain, while the NSE Banking Index added 0.25 per cent.

Conversely, the NSE Insurance and NSE Consumer Goods indices went down by 0.61 per cent and 0.30 per cent in that order.

An analysis of the price gainers chart showed that Mobil Oil led with N5.15 to close at N140.15 per share. Forte Oil Plc followed with a gain of N5.00 to close at N240 per share.

Lafarge Cement WAPCO Nigeria Plc chalked up N4.60 to close at N117.60 as investors continued to react to the planned consolidation of the Lafarge businesses across Africa.

The businesses would be consolidated with Nigeria as the hub and Lafarge WAPCO the consolidation vehicle which will be renamed Lafarge Africa and remained listed on the NSE. Shareholders of the company last week approved the proposal.

Speaking after the shareholders' approval the Chairman of Lafarge WAPCO, Chief Olusegun Osunkeye had said the overwhelming support of the minority shareholders indicated that they had seen the strong value opportunity in the creation of Lafarge Africa.

"Lafarge Africa is not only a value enhancing transaction for shareholders but it will provide significant value to all stakeholders through the creation of a Nigerian listed Sub-Saharan Africa building materials giant that will be better able to support the development needs of our continent," Osunkeye said.

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Source: AllAfrica

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