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Nigeria: Banking Stocks Thrill Investors On NSE
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Vanguard (Lagos)
28 March 2008
Posted to the web 28 March 2008
Michael Eboh and Faith Egho
Lagos
Equity trading on the Nigerian Stock Exchange (NSE) was driven on Wednesday by activity in the Banking sub-sector, accounting for 48.65 per cent of the market turnover.
Particularly, a turnover of 1.11 billion shares valued at N19.30 billion was recorded in 20,258 deals, representing a depreciation of 6.72 per cent from the previous day's turnover of 1.19 billion shares valued at N16.03 billion in 20,506 deals.
The Banking sub-sector dominated the other sub-sectors, trading 535.76 million shares valued at N13.33 billion in 7,857 deals.
Activity in the sub-sector was buoyed by investors' preference for the shares of Access Bank Plc with a turnover of 118.13 million shares valued at N2.66 billion shares valued at 334 deals, followed by Wema Bank Plc with the exchange of 90.71 million shares valued at N1.36 billion in 28 deals and Oceanic Bank International Plc recorded 40.5 million shares valued at N1.12 billion in 834 deals.
The Insurance sub-sector followed on the sectorial analysis, accounting for 32.43 per cent of the market turnover with 364.8 million shares valued at N1.68 billion in 4,477 deals.
Universal Insurance Plc recorded the highest patronage in the sub-sector, trading 130.06 million shares valued at N390.25 million in 1,044 deals, followed by Staco Assurance Plc with the exchange of 36.88 million shares valued at N251.55 million in 55 deals, while Goldlink Insurance Plc recorded 27.07 million shares valued at N102.31 million in 119 deals.
The declining fortune of the performance indices continued, as the All-share index and market capitalisation both dropped 0.86 per cent.
In particular, the index which opened at 63,646.38 points closed at 63,098.46 points while the capitalisation closed at N12.14 trillion from N12.25 trillion at which it opened.
The drop in the market indices was as a result of losses on the share prices of majority of the listed equities, with Chevron Oil Nigeria Plc recording the highest share price loss, dropping by N17.03 to close at N384.03 per share from N367.00 per share at which it opened, followed by Mobil Oil Nigeria Plc with a loss of N10.40 to close at N197.60 per share and Cappa & D'Alberto Plc dipped by N7.30 to close at N138.70 per share.
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Other share price losers include: Skye Shelter Funds N6.57, Ecobank Transnational Incorporated N5.00, Costain (West Africa) Plc N4.10, CAP Plc N3.98, Nigerian Breweries Plc N2.73, Oando Plc N2.49, Eterna Oil and Gas Plc N2.34 among others.
On the contrary, Nigerian Enamelware Plc recorded the highest share price gain, rising by N2.88 to close at N60.63 per share from N57.75 per share at which it opened, Alumaco Nigeria Plc followed with a gain of N1.88 to close at N39.51 per share while Nigerian-German Chemicals Plc garnered N1.40 to close at N31.90 per share.
Other share price gainers include: Morison Industries Plc N1.15, Seven-up Bottling Company Plc N1.00, Access Bank Plc N1.00, Ashaka Cement Plc N1.00, United Bank for Africa Plc N0.99, IBTC Chartered Bank Plc N0.98, Skye Bank Plc N0.84 among others.
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