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Oil stocks slip as NSE market value rises by N57bn

By Michael Eboh
The upward trend in   the  Nigerian Stock Exchange (NSE) continued, Monday, as equities’ value appreciated by N57.41 billion

However, the declining fortune in the share prices of major oil and gas companies continued, as the NSE Oil/Gas index slipped by 2.23 per cent to 296.26 points from 303.02 points at which it opened.

The indices used for measuring performance of listed equities — the All-share index and market capitalisation, both appreciated by 0.99 per cent each.

The index which opened at 24,380.09 points rose by 238.37 basis points to close at 24,380.09 points from 24,141.72 points at which it opened, while the capitalisation appreciated by N57.41 billion to N5.871 trillion from N5.813 trillion at which it opened.

Two major Petroleum (Marketing) stocks — Oando Plc and African Petroleum Plc recorded the most share price loss, dropping by 4.99 per cent and 2.78 per cent respectively. Oando’s share price dipped by N4.24 to close at N80.60 per share, African Petroleum shed N1.26 to close at N44.00 per share.
First Bank of Nigeria Plc also suffered a N0.80 decline in its share prices, closing at N15.60 per share.

On the contrary, Benue Cement Company Plc recorded the most share price gain, rising by N2.93 to close at N61.70 per share, Flour Mills Nigeria Plc followed with a gain of N2.30 to close at N48.31 per share and Glaxo SmithKline Consumer Plc garnered N1.36 to close at N28.66 per share.

However, equity trading dipped by 19.38 per cent, as a turnover of 422.16 million shares valued at N3.55 billion was recorded in 6,927 deals, in contrast to Friday’s turnover of 523.67 million shares valued at N3.73 billion in 7,107 deals.

The Banking sub-sector enjoyed the most patronage, accounting for 61.42 per cent of the market turnover, with 259.3 million shares valued at N2.47 billion in 3,694 deals. Zenith Bank Plc recorded the highest transaction in the sub-sector, trading 37.66 million shares valued at N664.67 million in 422 deals, Access Bank Plc followed with the exchange of 30.21 million shares valued at N296.22 million in 246 deals and Fidelity Bank Plc recorded 29.17 million shares valued at N92.08 million in 276 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 15.33 per cent of the market turnover, with 64.71 million shares valued at N55.75 million in 409 deals. Shares of Regency Alliance Insurance Plc emerged the most traded in the sub-sector, with 12.5 million shares valued at N6.25 million in one deal.


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