Lagos — Investors are taking significant interest in the shares of Wema Bank Plc, following the release of the bank's two years annual report and statement of account for the year ended March 31, 2007.

Shareholders of the bank have been restive over the non- release of the financial results for the past two years, but with the release of the results at the weekend, investors swooped on the stock during the day's trading on the floors of the Nigerian Stock Exchange (NSE), leading to the emergence of the stock as the most traded.

According to market source, the bank is likely to approach the market in the next six months for fresh fund raising for its operations. They stated that Wema is one of well managed banks around and portends a good buy.

A breakdown of the results released showed that the bank's gross earning grew by 78 per cent from N14.8 billion in 2006 to N26.4 billion in 2007. Post tax profit stood at N1.9 billion as against loss after tax N7.2 billion in 2006. Net Assets as well grew by 22.6 per cent from N20.5 billion to N25.2 billion in 2007.

Consequently, investors bought 57.4 million units of the bank's shares worth N579.12 million in 435 deals.

Apart from shares traded in Wema Bank, Afribank also attracted huge sales in the banking sub-sector as 50.21 million units of shares valued at N1.5 billion were sold in the bank in 17 deals.

Market watchers said that core investors are taking position in Afribank in anticipation of price rise when the technical suspension placed on the shares preparatory for its fund raising is lilted. They also held that impressive nine months results released by the bank at the weekend are part of the driving force.

The banking sub-sector therefore emerged the most active sector with 238.9 million shares valued at N4.6 billion exchanged in 5,577 deals. The insurance sub-sector closed as the second most traded with 80 million shares worth N208.9 million done in 1,113 deals.

Analysis of the price movement chart showed that the market capitalisation dipped further to N8.099 trillion from N8.133 trillion, while the all-share index went down to 50,528.79 points from 50,734.79 points.

African Petroleum led the price losers' chart with N4.86 to close at N92.51. Conoil followed with N1.96 to close at N58.00. Cadbury, RT Briscoe and BCC closed the li8st of top five losers with N1.50, N1.47 and N1.20 to close at N28.56, N28.03 and N43.20 respectively.

Earlier, Chemical and allied Paints (CAP) led the price gainers table with N2.37 to close at N49.87. UACN followed with N1.92 to close at N41.92. Chevron, UBN and J Berger closed the list of top five gainers with N1.59, N1.10 and N1.05 to close at N142.65, N76.00 and N43.35 respectively.