NSE: Daily Market Performance Review
SmartProInvesting.com
Trading on the Nigerian Stock Exchange ended weaker today as the market broad numbers pointed downwards. The powerful recovery of the past weak had slowed downed on Monday, but today, the scales tilted and the numbers went negative again. The All-share index went down 0.1%, closing 62,463.66.
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Though the day's trading saw more gaining stocks than losers (86:39), the high capitalisation of the major losers left a depressing impact that saw the all-share index closing flat at 63,584.46. Overall, the market's transactions tempo dropped, as trading volume and value closed lower by 25.34% and 34.21% respectively. Total trades also dropped by 22%.
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Trading on the Nigerian Stock Exchange has sustained its racy upward tempo which is in its second week, with today's trading closing on a 1,329 points gain. The index was up a decent 2.20%, with market capitalisation rising by the same rate. The index, which has crossed into the 60,000 range, looks set to make a short work of that range, if the current tempo is sustained.
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The bearish mood that dominated trading on the Nigerian Stock Exchange in the past week showed signs of reversing as the All-share Index recovered some lost ground in today's trading. Worried investors will be hoping that this recovery continues, though the market could take a while to establish a clear trend. The All-share was up 0.10% (57 points), with market capitalisation rising by the same rate.
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While markets elsewhere generally closed higher on news of a robust economic package to stimulate the U.S. economy, the NSE had a choppy day that saw many stocks in the red. The All-Share Index also took a hit, closing the day some 100 points (0.17%) lower. Other market indices reflected the negative mood of the day's trade, as market capitalisation, total trades and market volume ended lower by 0.17%, 6% and 12% respectively.
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The NSE closed higher today after trading was unpertubed by major market unheavals triggered by fears about a U.S. recession and its likely impact on other economies. Though most international markets finally recovered during the day's trading after the U.S. Federal Reserve cut interest rates in an emergency move during the day, the Dow Jones Industrial Average still closed 128 points lower, after rallying from an initial 450 points drop. Characteristically, the NSE remained insulated from those tremors and closed the day with the All-share index up 171 points (0.29%).
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The NSE traded on a slightly weak note today that saw the market close with a drop in the All-share index, market capitalisation, volume of transactions as well as total transactions value. The All-share nudged down 24 points or 0.04% while volume turnover was down by 32.37%. The value of total trades followed the downward trend, dropping 34.88%.
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Trading on the Nigerian Stock Exchange closed Wednesday with the market generally heading down. Insurance was, it turned out, the only resistant sector, as most insurance stocks defied the downward market pull. Only four of the over 20 listed insurance companies lost value in the day's trading, while about 16 gained.
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The week opened maintaining a level of price firmness that nudged up the All-share index by 0.47%, even in the face of lower market volume turnover. The All-share index's 276 points gain was driven by the price gains of some 77 stocks, even as 30 went down in price. The gains were led by petroleum stocks CHEVRON (N9.53), MOBIL (N9.47), OANDO (N4.70) and AP (N4.39).
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After some four straight days of sliding down, stock prices closed the week on a firm note on the Nigerian Stock Exchange. It is to be seen, when trading resumes Monday, whether this marks a return of sustained market optimism. Many investors had gone jittery of the past week as prices stayed weak, with many stock prices dropping significantly over the period.
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The market closed today with all indices pointing downwards, as what has been seen as a profit-taking move by some investors, kept the market depressed for the fourth day in a row. The all-share index shed 94 points (0.16%), an improvement on the previous day's drop of 614 points (1.05%). Worried investors are already shifting in their seats, but as knowledgeable market operators would say, that's the way of the market.
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The decline in key market indices captured the overall negative sentiment that prevailed in the market's Tuesday trading. Prices losses were still more dominant, with heavy weight-shedding by NESTLE (12.00) and TOTAL (9.37). Most of the 51 stocks that went down in price took losses that were in high naira value and near the 5% movement limit.
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The price slide that commenced Friday, January 4, 2008, continued today as many more stocks shed weight, forcing down the all-share index by a significant 1.11%. The losses were market-wide, touching virtually all sectors. After a stretch of upward price direction, many investors would have found wisdom in some profit-taking and moved to sell.
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It was a balancing day on the Nigerian Stock Exchange as prices that had paced up for the first two trading days of the year showed some fatigue and a slow-down. Significant losses were picked up by a number of top stocks, with Nestle and AP leading with N10.92 and N9.20 losses respectively.
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The market held to it's gains of yesterday, powering forward with a 1.16% rise of the NSE allshare index. The index closed at 59,257.16, that's 677 points up from 58,579.77. All other key indices - volume traded, transactions value, deals executed - were significantly up, again signaling a positive market bias.
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The year's trading on the NSE opened strong Wednesday, in spite of the holiday impact. Though total trade value dropped 44% from the level on 31st December 2007 (N8.81 bn : N14.80 bn), significant market gains were recorded. The NSE allshare index rose 590 points to 58,580.
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