NSE index surpasses 2006 record

The stock market recorded another milestone on Tuesday as the Nigerian Stock Exchange All-Share Index hit a high 47,262.30, while the market capitalisation closed at N6.782bn.

Unprecedented price rallies by equities led to the new index, which was 42.4 per cent above this year’s opening level of 33,189.30.

Notably, the growth so far is higher than the 38 per cent recorded throughout 2006.

Market operators have predicted further rise in the market gauge, saying that expected improved corporate results from companies, inflow of more funds from pension fund administrators and foreign investors will sustain the bullish tempo of the market.

The market performance on Tuesday, was better than Monday’s as investors traded 811.69million shares worth N9.58bn in 11,557 deals, up from 484.7million shares valued N6.64billion transacted in 11,196 deals on Monday.

However, the banking sub-sector maintained its lead on the activity chart, accounting for over 66 per cent of the market turnover. Investors traded 535.09million shares worth N6.841bn in 6,311 deals.

The Insurance sector ranked second, recording 17 per cent of the total market, amounting to 134.28million shares valued at N450.39m exchanged in 819 deals.

Meanwhile, Ecobank Trans-national Incorporated led the price gainers with N8 to close at N173 per share, while Chevron Oil Nigeria Plc followed with N7.20 to close at N171 per share.

Meanwhile, Unilever Nigeria Plc on Tuesday announced a profit in the first quarter ended March 31, 2007 after a loss in 2007. Net profit stood at N300m as against a loss of N980m in the corresponding period of 2006.

The shares rose by N0.65 or 3.6 per cent to N17.95 per share.

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