Nigeria: Equities' Value on NSE Grow By N346 Billion in May

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Vanguard (Lagos)

7 July 2008
Posted to the web 7 July 2008

Micheal Eboh
Lagos

Value of listed securities on the Nigerian Stock Exchange (NSE) appreciated in the month of May 2008 by N346 billion. The value of securities, represented by the market capitalisation appreciated by 2.36 per cent from N14.61 trillion recorded in the month of April to N14.96 trillion as the close of May.

The rise in the market capitalisation was as a result of supplementary listing of shares belonging to certain quoted companies and listing by introduction of Investment and Allied Assurance Plc and Regency Alliance Insurance Plc.

However, another indices used in measuring the performance of securities on the NSE, the All-share index dropped by 0.86 per cent from 59,440.91 points to close the month at 58,929.02 points.

The drop in the index was as a result of losses on the share prices of majority of the listed equities, with Mobil Oil Nigeria Plc recording the highest share price loss, dropping by N48.71 to close at N199.50 per share, followed by Costain (West Africa) Plc with a loss of N22.20 to close at N27.44 per share and Oando Plc dipped by N20.20 to close at N208.80 per share.

Other share price losers include: Ecobank Transnational Incorporated N19.99, Northern Nigerian Flour Mills Plc N7.25, Skye Shelter Funds Plc N6.15, BankPHB Plc N5.51, Berger Paints Plc N5.30, Cadbury Nigeria Plc N4.86, AG. Leventis Plc N3.88 among others.

On the contrary, Chevron Oil Nigeria Plc recorded the highest share price gain, rising by N20.70 to close at N300.00 per share, followed by Julius Berger Nigeria Plc with a gain of N12.15 to close at N109.15 per share and Presco Plc garnered N11.60 to close at N29.45 per share.

Other share price gainers include: CAP Plc N9.50, Nestle Nigeria Plc N7.00, Guinness Nigeria Plc N6.64, Eterna Oil and Gas Plc N6.41, UACN Property Development Company Plc N4.70, Seven-up Bottling Company Plc N3.36, Incar Nigeria Plc N2.37 among others.

First Bank of Nigeria Plc emerged the most capitalised stock in the month under review, upstaging Intercontinental Bank Plc, the most capitalised stock in April. First Bank recorded a market capitalisation of N833.4 billion while Intercontinental Bank Plc followed with a capitalisation of N802.21 billion and Zenith Bank Plc recorded a market capitalisation of 787.01 billion.

Other highly capitalised stocks in the top-ten bracket include: United Bank for Africa Plc, 643.55 billion, Oceanic Bank International Plc N549.1 million, GTBank Plc N443.2 billion, Union Bank Nigeria Plc N440.73 billion, Dangote Sugar Refinery Plc N402.12 billion, Nigerian Breweries Plc N393.25 billion, BankPHB Plc N348.56 billion.

A turnover of 16.8 billion shares valued at N232.95 billion was recorded in the month under review in 356,909 deals in contrast to a turnover of 16.5 billion shares valued at N260.7 billion recorded in April in 394,307 deals.

The Insurance sub-sector recorded the highest patronage, accounting for 52.98 per cent of the market turnover with 8.9 billion shares valued at N26.1 billion in 66,484 deals, followed by the Banking sub-sector with a turnover of 5.12 billion shares valued at N152.25 billion in 171,109 deals.

Investment and Allied Assurance Plc recorded the highest transaction in the month under review, trading 4.92 billion shares, it was followed by United Bank for Africa Plc with the exchange of 799.11 million shares and Universal Insurance Plc recorded 721.9 million shares.

Meanwhile, the performance indices of the Nigerian Stock Exchange (NSE), the All-share index and market capitalisation both appreciated last week by 1.0 per cent and 1.5 per cent respectively.

Particularly, the index which opened the week at 54,905.36 points rose by 551.22 points to close at 55,456.58 points while the capitalisation closed at N10.88 trillion from N10.72 trillion at which it opened.

Also, equity trading on the NSE dropped by 7.9 per cent, as a turnover of 4.79 billion shares valued at N41.96 billion was recorded in 77,286 deals, in contrast to penultimate week's turnover of 5.2 billion shares valued at N68.65 billion in 78,301 deals.

Trading was driven by activity in the Insurance sub-sector, accounting for 60.54 per cent of the market turnover, with 2.9 billion shares valued at N4.4 billion in 13,755 deals.

Analysis of trading in the week under review shows that on Monday, June 30, 2008, Lafarge Cement WAPCO Plc recorded the highest share price gain, rising by N2.55 to close at N54.15 per share, it recorded a turnover of 267,636 shares valued at N14.42 million, it recorded an Earnings Per Share (EPS) of N14.42 and a Price Earnings (PE) ratio of 16.26, Ashaka Cement Plc followed with a gain of N2.03 to close at N42.70 per share, it exchanged 316,237 shares valued at N12.99 million, it posted an EPS of N1.63 and a PE ratio of 26.20, First Bank of Nigeria Plc garnered N2.03 to close at N42.77 per share, it traded 26.99 million shares valued at N1.15 billion, it recorded a PE ratio of 28.90 and an EPS of N1.48.

Union Bank Nigeria recorded a share price appreciation of N1.73 to close at N36.36 per share, it traded 2.33 million shares valued at N84.86 million, it posted an EPS of N1.63, and a PE ratio of 22.31, Dangote Sugar Refinery Plc garnered N1.58 to close at N33.33 per share, it recorded a turnover of 3.99 million shares valued at N132.96 million, an EPS of N1.90 and a PE ratio of 17.54.

On Tuesday, July 1, 2008, Oando Plc recorded the highest share price gain, rising by N8.74 to close at N203.99 per share, it traded 581,078 shares valued at N116.67 million, it notched an EPS of N5.62 and a PE ratio of 36.30, Guinness Nigeria Plc followed with a gain of N6.14 to close at N130.14 per share, it recorded a turnover of 430,595 shares valued at N55.7 million, an Eps of N7.73 and a pE ratio of 16.84, Flour Mills Nigeria Plc gained N2.95 to close at N83.50 per share, it notched an EPS of N4.68, a PE ratio of 17.84, a turnover of 459,669 shares valued at N38.12 million.

Lafarge WAPCO Plc recorded a share price appreciation of N2.70 to close at N56.85 per share, it traded 436,150 shares valued at N24.7 million, its EPS stood at N3.33 and its PE ratio stood at 17.07, Ashaka Cement Plc garnered N2.13 to close at N44.83 per share, it traded 443,021 shares valued at N19.5 million, it notched an EPS of N1.63 and a PE ratio of 27.05.

On Wednesday, July 2, 2008, Costain (West Africa) Plc recorded the highest share price gain, rising by N1.33 to close at N28.98 per share, it recorded a turnover of 2.74 million shares valued at N78.89 million, it posted an EPS of N1.07 and a PE of 27.08, Dangote Flour Mills Plc followed with a gain of N1.30 to close at N27.34 per share, it recorded a turnover of 1.6 million shares valued at NM45.24 million, its EPS stood at N0.14 and its PE ratio stood at 195.29, Ashaka Cement Plc posted a gain of N1.17 to close at N46.00, a turnover of 531,672 shares valued at N24.48 million, an EPS of N1.63 and a PE ratio of 28.22.

Nigerian Aviation Handling Company Plc recorded a share price gan of N1.10 to close at N23.15 per share, it recorded a turnover of 567,553 shares valued at N13.03 million, Benue Cement Company Plc garnered N0.90 to close at N52.00 per share, it traded 864,630 shares valued at N43.9 million, its posted an EPS of N0.27 and a PE ratio of 192.59.

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