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Market rebound as stakeholders introduce new measures to check decline

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Market rebound as stakeholders introduce new measures to check decline

Post  Admin on Fri Aug 29, 2008 3:36 pm

The declining trend of the Nigerian Stock Exchange (NSE) was halted on Wednesday following the announcement of new measures to stem the worrisome drop in the prices of the listed equities by the federal government, regulatory authorities and other stakeholders.

The market indices, the All-share index and market capitalisation both recorded significant appreciation, rising by 3.14 per cent each.

Specifically, the index which opened at 43,199.47 points rose by 1,373.38 basis points to close at 44,572.85 points while the capitalisation closed at N9.09 trillion from N8.81 trillion at which it opened.

Following the meeting with the federal government, regulators and operators in the capital market, a number of measures were introduced to arrest the persistent decline that has bedevilled the market over the last couple of months.

According to the Director-General of the NSE, Professor (Mrs.) Ndi-Okereke Onyiuke disclosed that a number of issues were presented at the meeting that is aimed at arresting the decline in the market.
Among the decisions reached in the meeting include: the reduction of transaction fees in both the primary and secondary market, suspension of new listings until the market stabilises, allowing quoted companies to buy back a maximum of 20 per cent of their shares, review of existing trading rules and regulations among others.

In response to the cheering news, majority of the listed equities recorded significant share price gain, with Chevron Oil Nigeria Plc recording the highest share price appreciation, rising by N20.00 to close at N420.00 per share from N400.00 per share at which it opened, followed by Oando Plc with a gain of N5.77 to close at N121.20 per share and Nigerian Breweries Plc garnered N2.15 to close at N45.16 per share.

Other share price gainers include: UAC Nigeria Plc N1.85, Benue Cement Company Plc N1.82, Lafarge Cement WAPCO Plc N1.74, First Bank of Nigeria 1.38, Cadbury Nigeria Plc N1.35, BOC Gases Plc N1.28, Intercontinental Bank Plc N1.25 among others.

With the introduction of the one per cent downward price movement ceiling, Mobil Oil Nigeria Plc recorded the highest share price loss, dropping continued its descent, as it led the pack of share price losers, dropping by N3.62 to close at N362.00 per share, followed by RT. Briscoe Plc with a loss of N0.19 to close at N19.29 per share and Berger Paints Plc dipped by N0.11 to close at N11.49 per share.



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