Nigeria: Banking Sub-Sector Boosts Turnover By 80 Percent

13 August 2009

Lagos — Investors' preference for the shares of the banking sub-sector yesterday drove activity in the capital market by 80.1 per cent.The sub-sector accounted for 682.7 million shares worth N7.98 billion exchanged by investors in 3,920 deals, out of 852.21 million shares valued at N8.8 billion exchanged in the day in 7,185 deals.Activity in the sub-sector was boosted by shares of United Bank for Africa (UBA), which accounting for 554.7 million shares valued at N7.1 billion, in 344 deals.The Conglomerates sub-sector displaced the insurance sub-sector to rank second on the sectoral chart, with traded volume of 59.5 million shares, worth N79.92 million in 158 deals, while the insurance sub-sector posted 45.8 million shares worth N49.2 million in 859 deals.Analysis of the price movement chart shows that the bears held sway, as market capitalisation declined by N84 billion, from N5.7 trillion recorded on Tuesday, to N5.6 trillion, representing 1.5 per cent decrease.The all-share index also declined by the same margin to close at N24, 641.07 points from the previous 25,004.66 points basis.52 stocks depreciated in price as against 28 that featured on the gainers' table. Oando led on the losers' chart, depreciating by N4.73k to close at N90.26k per share. Benue Cement Company followed with N2.40k to close at N45.60k, while Nestle Nigeria plc lost N2.17k to close at N201.80k per share. Guinness went down by N1 to close at N138.20k, while Julius Berger and Nigerian Breweries that closed the list of the top five losers, shed 99k apiece to close at N28.99 and N52.01 per share respectively. On the other hand, UACN led on the gainers' table with 0.80 to close at N37.80k per share, followed by Ecobank Transnational Incorporated with 63k to close at N16.33k Ashakacem added 60k to close at N14.95k, Glaxosmithkline appreciated by 50k to close at N17.50k, while UAC-Prop garnered 37k to close at N15.99k per share.

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