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 percent from N14.61 trillion recorded in the month of April to N14.96 trillion at 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 percent 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 Deve-lopment 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, N643.55 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.