Michael Eboh & Providence Obuh
19 November 2008
Equity trading on the Nigerian Stock Exchange was driven on Monday by activity in the Banking sub-sector, accounting for 72.36 per cent of the market turnover.
Particularly, a turnover of 499.19 million shares valued at N6.08 billion was recorded 11,444 deals, in contrast to Friday's turnover of 414.74 million shares valued at N4.34 billion in 14,171 deals.
The Banking sub-sector recorded a turnover of 361.2 million shares valued at N5.10 billion in 6,924 deals. GTBank Plc recorded the highest transaction in the sub-sector, trading 63.16 million shares valued at N1.17 billion in 374 deals, Oceanic Bank International Plc followed with a turnover of 60.7 million shares valued at N846.26 million in 754 deals and Spring Bank Plc recorded 50.40 million shares valued at N281.76 million in 153 deals.
The Insurance sub-sector followed on the sectorial analysis, accounting for 11.42 per cent of the market turnover, with 57.01 million shares valued at N135.25 million in 1,217 deals. Custodian and Allied Insurance Nigeria Plc emerged the most active in the sub-sector, trading 11.61 million shares valued at N48.2 in 52 deals, followed by International Energy Insurance Plc with the exchange of 6.71 million shares valued at N20.43 million in 149 deals and Standard Alliance Insurance Plc recorded 6.9 million shares valued at N12.61 million in 124 deals.
The upward trend in the market indices continued, as the market capitalisation and All-share index both appreciated by 0.38 per cent and 0.98 per cent respectively.
Specifically, the index which opened at 37,876.06 points rose by 142.38 basis points to close at 38,018.44 points while the capitalisation appreciated by N81.12 billion to close at N8.39 trillion from N8.31 trillion at which it opened.
The rise in the market indices was occasioned by gains on the share prices of majority of the listed equities, with Guinness Nigeria Plc recording the most share price gain, rising by N5.20 to close at N109.23 per share from N104.03 per share, followed by Nigerian Bottling Company Plc with the exchange of 1.50 to close at N39.00 per share and Flour Mills Nigeria Plc garnered N1.00 to close at N52.00 per share.
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