Breaking News
Translate

Oil stocks lead gainers as share value rises by N15bn

By Michael Eboh

….Investors scramble for Cadbury’s shares

Two Petroleum marketing companies, Conoil Plc and African Petroleum Plc, led 40 other listed companies with share price gains, provoking a N15.22 billion appreciation on the total value of listed equities on the Nigerian Stock Exchange (NSE), Monday.

In particular, the value of listed equities, represented by the market capitalisation and the All-share index, both appreciated by 0.28 per cent each. The capitalsiation which opened at N5.420 trillion rose by N15.22 billion to close at N5.435 trillion while the index rose by 65.35 basis points to close at 23,337.04 points from 23,271.69 points at which it opened.

The rise in the market indices was occasioned by gains on the share prices of majority of the blue chip companies, brought about by the low prices of the shares.

Meanwhile, indications emerged that the ongoing rights issue of Cadbury Nigeria Plc would be successful, as investors scrambled for the shares of Cadbury Nigeria Plc during the trading of rights of the company’s shares on the NSE. During the trading conducted by Mr. Binos Yaroe, General Manager/Head, Market Operations and Information Technology Department, demand for the shares far outweighed the supply, as investors demanded for over 300,000 units of the company’s shares in the rights issue, compared with about 502 units on offer.

Trading in rights presents shareholders of a company with the opportunity of trading the shares allotted to them during the conduct of a right issue, if they chose not to take up the rights. The shares are traded via a call-over system after the closure of normal trading activities on the floor of the NSE.

Conoil recorded the most share price appreciation, rising by N1.62 to close at N34.11 per share, African Petroleum Plc followed with a gain of N1.50 to close at N31.50 per share and Lafarge Cement WAPCO Plc garnered N0.95 to close at N31.00 per share.

Other share price gainers include: Ecobank Transnational Incorporated N0.65, Julius Berger Nigeria Plc N0.65, Zenith Bank Plc N0.50, RT. Briscoe Plc N0.38, Access Bank Plc N0.36, Nigerian Bottling Company Plc N0.33, Skye Bank Plc N0.28 per share.

On the contrary, Mobil Oil Nigeria Plc recorded the most share price loss, dropping by N5.25 to close at N99.75 per share, Guinness Nigeria Plc followed with a gain of N131.00 per share and UAC Nigeria Plc dipped by N1.39 to close at N35.60 per share.

Equity trading, however, dipped by 19.92 per cent, as a turnover of 539.26 million shares valued at N3.67 billion was recorded in 6,805 deals, in contrast to Friday’s turnover of 673.38 million shares valued at N4.42 billion in 7,060 deals.

The Banking sub-sector dominated the other sub-sectors, accounting for 52.15 per cent of the market turnover, with 281.23 million shares valued at N2.63 billion in 3,980 deals. Zenith Bank Plc recorded the most patronage in the sub-sector, trading 45.07 million shares valued at N707.74 million in 419 deals.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.