The ASI gained 12333.40 points to close at 23,047.31 points
Nigeria - Economic - 03-09-2010

The ASI gained 12333.40 points to close at 23,047.31 while the market capitalization gained USD 0.20bn to close at USD 37.50bn (NGN 5.55tn). The value of transactions consummated on 8 March 2010 decreased by 57.02% to USD 12.25m (NGN 1.812bn) from USD 28.50m (NGN 4.217bn) recorded on 5 March 2010. The NSE on 8 March 2010 announced that Afprint Nigeria Plc has been delisted from the official list. The bears struggled to confirm supremacy at market open with the ASI recording -0.01% loss; however, at the close of market after a fierce tussle between the bulls and the bears, the bulls emerged victorious as the market closed higher. The loss recorded by the Food, Beverages, and Tobacco sector (NSE FBT10) and Insurance sector was insufficient to neutralize the impact of mild rally experienced in the market as gains recorded by Banking stocks and bellwether stocks such as NB, UACN ensured that market closed higher. Banking sector traded in negative territory for a larger part of trading period. However, due to renewed investorsquote interest in the sector, there was a trend reversal by the close of the market. IBTC, Sterling Bank, and Spring Bank led the gainers list in the sector as all closed higher with maximum price appreciation. Access, First Bank, FCMB, GTB, UBA, and Zenith Bank also booked marginal gain at the end of the trading period. In the Food and Beverages sector, only Big Treat, and Tantalizers had impressive patronage closing with appreciable gains. Others, with the exception of Dangote Flour which lost -0.47%, closed flat. This, however, ensured the sectoral index (NSE FBT 10) closed lower with a loss of -0.03%.

Source: CSL