Michael Eboh and Providence Obuh
18 November 2008
Driven by gains on the share prices of majority of the listed equities, the value of listed equities on the Nigerian Stock Exchange (NSE), represented by market capitalisation appreciated last week by N780 billion.
Particularly, the market capitalisation appreciated by 10.35 per cent to close at N8.31 trillion from N7.353 trillion at which it opened. Another of the market indices, the All-share index also rose by the same margin to close at 37,876.06 points from 34,351.81 points at which it opened.
Stockbrokers have attributed the upsurge to major gains recorded by blue chip stocks across the sub sectors.
Guinness Nigeria Plc, a blue chip in the Breweries sub sector recorded the highest share price gain, rising by N22.50 to close at N104.03 per share, followed by Nigerian Breweries Plc, another blue chip in the same sub sector recording a gain of N9.13 per share to close at N45.00 per share and First Bank of Nigeria Plc garnered N6.11 to close at N28.32 per share.
Other share price gainers include: Zenith Bank Plc N5.85, Dangote Sugar Refinery Plc N4.05, GTBank Plc N3.79, Dangote Flour Mills Plc N3.36, United Bank for Africa Plc N3.12, Costain (West Africa) Plc N3.00, Nigerian Aviation Handling Company Plc N2.85 among others.
Conversely, Chevron Oil Nigeria Plc recorded the highest share price loss, dropping by N44.41 to close at N267.00 per share, followed by Oando Plc with a loss of N27.09 to close at N119.02 per share and Nigerian Enamelware Plc dipped by N13.67 to close at N65.33 per share.
Other share price losers include: Julius Berger Nigeria Plc N6.18, Benue Cement Company Plc N5.56, Nigerian Bottling Company Plc N3.22, BOC Gases Plc N2.90, UAC Nigeria Plc N1.77, Neimeth International Pharmaceuticals Plc N1.00, Lafarge cement WAPCO Plc N0.90 among others.
Significant appreciation was recorded in trading activity in the week under review, as a turnover of 1.99 billion shares valued at N18.55 billion in 53,739 deals, in contrast to penultimate week's turnover of 1.8 billion shares valued at N13.74 billion in 38,845 deals.
The Banking sub-sector recorded the highest patronage in the sub-sector, accounting for 55 per cent of the market turnover with 1.1 billion shares valued at N13.82 billion in 33,773 deals.
Access Bank Plc emerged the most active in the sub-sector, trading 147.7 million shares valued at N1.26 billion in 2,711 deals, followed by First City Monument Bank Plc with the exchange of 129.1 million shares valued at N855.3 million 1,280 deals and Oceanic Bank International Plc recorded a turnover of 120.65 million shares valued at N1.71 billion 3,426 deals.
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