Breaking News
Translate

Bullish trend continues, share value rises by N254bn

By Michael Eboh & Providence Obuh
A bullish trend was recorded on   the Nigerian Stock Exchange (NSE), last week, as the value of listed equities, represented by the market capitalisation, rose by N254.01 billion.

In particular, market capitalisation rose by 3.97 per cent to close the week at N6.652 trillion from N6.398 trillion at which it opened.

The All-share index also appreciated by the same margin, as it garnered 1,050.16 basis points to close at 27,503.36 points from 26,453.20 points at which it opened the week.

The improvement, in spite of the closure of the market for two days — Monday and Thursday, to mark Workers’ Day and the demise of President Umaru Musa Yar’Adua respectively, was occasioned by gains on the prices of majority of the listed companies.

Total Nigeria Plc led 75 other companies on the price gainers’ chart, in the week under review, with a gain of N9.75 to close at N204.75 per share, Guinness Nigeria Plc followed with a gain of N6.91 to close at N158.99 per share and Cadbury Nigeria Plc garnered N3.71 to close at N27.32 per share.

Other share price gainers include: UAC of Nigeria Plc N3.19, Benue Cement Company Plc N2.95, Cement Company of Northern Nigeria Plc N2.92, Nigerian Breweries Plc N2.86, Glaxo SmithKline Consumer (Nigeria) Plc N2.13, Seven-Up Bottling Company Plc N2.12, Nigerian Aviation Handling Company Plc N1.89.

On the contrary, Mobil Oil Nigeria Plc recorded the most share price loss, dropping by N17.15 to close at N158.84 per share, Conoil Plc followed with a loss of N6.13 to close at N50 per share and Oando Plc dipped by N5.45 to close at N114.15 per share.

Other share price losers include: African Petroleum Plc N2.50, Nigerian Enamelware Plc N2.38 , Northern Nigeria Flour Mills Plc N1.95, Okomu Oil Palm Plc N1.71, Flour Mills Nigeria Plc N1.69, University Press Plc N0.89, First Bank of Nigeria Plc N0.72 among others.

Equity trading, however, dropped by 31.37 per cent, as a turnover of 1.75 billion shares valued at N17.11 billion was recorded in the week under review in 25,710 deals, in contrast to the previous week’s turnover of 2.55 billion shares valued at N21.9 billion in 41,577 deals.

The Banking sub-sector enjoyed the most patronage in the week under review, accounting for 47.83 per cent of the market turnover, with 836.6 million shares valued at N9.42 billion in 11,033 deals. Shares of United Bank for Africa Plc were the most sought after in the sub-sector, trading 175.88 million shares valued at N2.34 billion in 998 deals, Zenith Bank Plc followed with the exchange of 131.29 million shares valued at N2.01 billion 1,139 deals and First Bank of Nigeria Plc recorded 112.6 million shares valued at N1.76 billion in 2,670 deals.

The insurance sub-sector followed on th sectorial analysis, accounting for 22.29 per cent of the market turnover, with 389.6 million shares valued at N349.4 million in 1,802 deals. Equity Assurance Plc recorded the most patronage in the sub-sector, trading 75.04 million shares valued at N37.52 million in five deals, NEM Insurance Plc followed with the exchange of 69.72 million shares valued at N42.03 million in 191 deals and Continental Reinsurance Plc recorded 37.54 million shares valued at N55.36 million in 106 deals.


Disclaimer

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