Michael Eboh
31 December 2007
Driven by gains on the share prices of highly capitalised stocks, the All-share index and market capitalisation both appreciated last week by 4.0 per cent each. This was in spite of the festivities, the Christmas, Boxing and Muslim holidays.
It was expected that the market indices would record a downturn, as investors are expected to trade off their shares for money to celebrate the festivities, however, the reverse turned out to be the case.
Specifically, the index which opened the week at 54,678.83 points closed at 56,863.41 points while the capitalistion closed at N9.98 trillion from N9.6 trillion at which it opened.
The share price of African Petroleum Plc continued its rally, as it emerged the highest share price gainer for the week under review, rising by N26.82 per share to close at N197.15 per share from N170.33 per share at which it opened, Nestle Nigeria Plc followed with a gain of N26.55 per share to close at N263.55 per share and Oando Plc garnered N13.75 to close at N116.77 per share.
Other share price gainers include: Conoil Plc N10.90, Mobil Oil Nigeria Plc N6.15, West African Portland Cement Company Plc N5.51, Oceanic Bank International Plc N4.83, Ecobank Transnational Incorporated N4.00, Intercontinental Bank Plc N3.56, Ashaka Cement Plc N3.50 among others.
On the other hand, Julius Berger Nigeria Plc recorded the highest share price loss, dropping by N3.59 to close at N82.00 per share from N85.59 per share at which it opened, Flour Mills Nigeria Plc followed with a loss of N3.19 to close at N78.66 per share and Chevron Oil Nigeria Plc dipped by N3.00 to close at N160.00 per share.
Other share price losers include: Nigerian Bottling Company Plc N2.81, Eterna Oil and Gas Plc N0.84, University Press Plc N0.65, Airline Services and Logistics Plc N0.59, United Bank for Africa Plc N0.41, Nigerian Wire and Cable Plc N0.35, IPWA Plc N0.32 among others.
A turnover of 1.71 billion shares valued at N31.9 billion was recorded in the week under review in 25,703 deals, representing an appreciation of 0.59 per cent from penultimate week's turnover of 1.7 billion shares valued at N34.13 billion in 31,062 deals.
The Banking sub-sector dominated the other sub-sectors, accounting for 46.78 per cent of the market turnover with 801.63 million shares valued at N23.13 billion in 12,597 deals. Intercontinental Bank Plc emerged the most active in the sub-sector with a turnover of 181.45 million shares valued at N6.99 billion in 1,911 deals. Spurred by its favourable year end financial results, Oceanic Bank International Plc recorded a turnover of 91.05 million shares valued at N3.15 billion in 863 deals.
Oceanic Bank in its recently released 2007 financial results is proposing a dividend of N1.02 per share. This may have been responsible for the increased interest the shares of the company have generated from investors, leading to upward movement of its share price, rising from N29.10 per share to N33.93 per share in the week under review.
Access Bank trailed with the exchange of 75.76 million shares valued at N1.68 billion in 678 deals.
The Insurance sub-sector followed on the sectorial analysis with a turnover of 567.67 million shares valued at N2.15 billion in 4,601 deals. Equity Assurance Plc recorded the highest transaction in the sub-sector, trading 78.33 million shares valued at N164.96 million in 429 deals, Mutual Benefits Assurance followed with a turnover of 69.84 million shares valued at N277.35 million in 301 deals while Lasaco Assurance Plc recorded 67.35 million shares valued at N268.66 million in 840 deals.
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