Michael Eboh
16 July 2008
Lagos — Equity trading on the Nigerian Stock Exchange (NSE) appreciated on Monday by 8.08 per cent.
Particularly, a turnover of 895.86 million shares valued at N7.61 billion was recorded in 13,629 deals in contrast to Friday's turnover fo 828.86 million shares valued at N7.75 billion in 17,020 deals.
Trading was driven by activity in the Insurance sub-sector, accounting for 58.71 per cent of the market turnover with 525.94 million shares valued at N901.86 million in 2,415 deals.
Investment and Allied Assurance Plc dominated recorded the highest transaction in the sub-sector, trading 421.43 million shares valued at N368.27 million in 960 deals, followed by Staco Insurance Plc with the exchange of 55.81 million shares valued at N380.65 million in 85 deals and Sovereign Trust Insurance Plc recorded 7.58 million shares valued at N27.14 million in 32 deals.
The Banking sub-sector followed on the sectorial analysis, accounting for 16.5 per cent of the market turnover with 147.78 million shares valued at N3.57 billion in 6,241 deals. First Bank of Nigeria Plc recorded the highest patronage in the sub-sector, trading 30.88 million shares valued at N1.42 billion in 1,560 deals, followed by Fidelity Bank Plc with a turnover of 20.03 million shares valued at N192.01 million in 247 deals and Access Bank Plc recorded 20.02 million shares valued at N361.52 million in 337 deals.
The performance indicators, the All-share index and market capitalisation both appreciated by 0.51 per cent and 1.38 per cent respectively.
Specifically, the index which opened at 54,662.06 points rose by 280.71 basis points to close at 54,942.77 points while the capitalisation closed at N11.0 trillion from N10.85 trillion at which it opened.
The rise in the market indices was as a result of gains on the share prices of listed equities, with First Bank of Nigeria Plc recording the highest share price gain, rising by N1.71 to close at N43.90 per share from N45.61 per share at which it opened, followed by Union Bank Nigeria Plc with a gain of N1.56 to close at N37.50 per share and Dangote Sugar Refinery Plc garnered N1.49 to close at N31.48 per share.
Other share price gainers include: United Bank for Africa Plc N1.29, Oceanic Bank International Plc N1.11, BOC Gases Plc N0.85, National Salt Company Plc N0.55, Benue Cement Company Plc N0.48, First Inland Bank Plc N0.38, Niger Insurance Plc N0.33 among others.
On the contrary, Conoil Plc recorded the highest share price loss, dropping by N4.99 to close at N94.81 per share from N99.80 per share at which it opened, followed by Lafarge Cement WAPCO Plc with a loss of N2.64 to close at N50.26 per share and Ashaka Cement Plc dipped by N2.00 to close at N41.00 per share.
Other share price losers include: Flour Mills Nigeria Plc N1.90, PZ Cussons Nigeria Plc 1.28, Costain (West Africa) Plc N1.14, Nigerian Aviation Handling Company Plc N1.11, Cadbury Nigeria Plc N1.00, Cement Company of Northern Nigeria Plc N0.78, Ecobank Transnational Incorporated N0.71 among others.
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