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Oil stocks’ gain buoys share value by N99bn

By Michael Eboh
The bearish trend recorded in the Nigerian capital market throughout last week, was halted Monday, as gains on the share prices of stocks in the Petroleum (Marketing) sub-sector and other blue chip companies, buoyed the value of listed equities by N99.37 billion.

Okereke
Okereke

Particularly, the value of listed equities, represented by the market capitalisation rose by 1.69 per cent to close at N5.986 trillion from N5.886 trillion at which it opened.

The All-share index, another key market indicator, also appreciated by 1.69 per cent, as it garnered 435.73 basis points to close at 26,249.28 points from 25,813.55 points.

Meanwhile, the shares of Cadbury Nigeria Plc was placed on technical suspension by the authorities of the NSE, following the decision of the company to undertake a rights issue. Cadbury is proposing a rights issue of 2.57 billion ordinary shares of 50 kobo each at N8.65 per share.

The rebound in the market indices was brought about by gains on the share prices of majority of the listed equities, with Total Nigeria Plc recording the most share price gain, rising by N6.95 to close at N176.00 per share, African Petroleum Plc followed with a gain of N4.98 to close at N104.77 per share and Guinness Nigeria Plc garnered N2.55 to close at N127.55 per share.

Other share price gainers include: Oando Plc N2.40, Benue Cement Company Plc N1.80, Flour Mills Nigeria Plc N1.13, UAC Nigeria Plc N1.00, First Bank of Nigeria Plc N0.99, PZ Cussons Nigeria Plc N0.92, Union Bank Nigeria Plc N0.81 among others.

On the contrary, Nestle Nigeria Plc recorded the most share price loss, dropping N6.00 to close at N183.00 per share, Julius Berger Nigeria Plc followed with a loss of N1.31 to close at N28.03 per share and Nigerian Breweries Plc dipped by N1.30 to close at N48.70 per share.

Other share price gainers include: Intercontinental Bank Plc N0.50, Nigerian Aviation Handling Company Plc N0.47, UAC Property Development Company Plc N0.44, Costain (West Africa) Plc N0.39, RT. Briscoe Nigeria Plc N0.27, Berger Paints Plc N0.26, Ecobank Transnational Incorporated N0.23 among others.

Equity trading, also recorded significant appreciation, as a turnover of 438.8 million shares valued at N3.4 billion was recorded in 8,360 deals, appreciating by 36.07 per cent from Friday’s turnover of 322.47 million shares valued at N3.91 billion in 7,068 deals.


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