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Stock market: Investors gain N155bn

by MICHAEL EBOH & PROVIDENCE OBUH
Following the impressive financial results released by some companies and banks on the Nigerian Stock Exchange (NSE), last week, the value of listed equities, represented by the market capitalisation, appreciated by N154.85 billion.

The impressive results attracted investors in the stock market as the scramble for shares led to hike in prices, which accounted significantly for the 1.99 per cent increase in  market capitalisation to N7.943 trillion from N7.789 trillion at which it opened trading for the week under review.

In the same vein, the All-share index rose by 484.66 basis points to close ar 24,863.38 points from 24,378.72 points at which it opened.

Four banks — Zenith Bank Plc, GTBank Plc, Access Bank Plc and Stanbic IBTC Bank Plc — announced their financials last week, recording significant improvement in their bottom lines, a factor which buoyed activities on the NSE, last week, driving up the major market indices.

GTBank Plc, announced a dividend of 75 kobo per share and a bonus of one ordinary share for every four ordinary shares held by its shareholders for its 2010 financial year. The bank recorded a profit after tax of N38.346 billion, rising by 61.89 per cent from N23.686 billion recorded in 2009.

Access Bank Plc declared a dividend of 30 kobo per share. It posted a profit after tax of N11.068 billion, compared to a loss after tax of N4.42 billion in 2009.

Zenith Bank Plc’s  profit after tax appreciated by 81.59 per cent to N37.414 billion, from N20.603 billion recorded in the 2009 financial year. It declared a dividend of 85 kobo per share for its shareholders, representing an improvement of 88.89 per cent from a dividend of 45 kobo declared in 2009.

Stanbic IBTC Bank Plc announced a dividend of 39 kobo on a profit after tax of N9.455 billion from a profit after tax of N8.138 billion recorded in 2009.

Oando Plc led 47 other stocks in the price gainers’ category, in the week under review, rising by N5.00 or 8.8 per cent to close at N62 per share, Lafarge Cement WAPCO Nigeria Plc followed with a gain of N3.98 or 10.8 per cent to close at N40.98 per share and UAC Nigeria Plc garnered N2.55 or 8.1 per cent to close at N33.90 per share.

Other share price gainers include: Cement Company of Northern Nigeria Plc N1.64, Nigerian Bottling Company Plc N1.50, Dangote Sugar Refinery Plc N1.20, Dangote Flour Mills Plc N1.16, First Bank  Nigeria Plc N1.00, Zenith Bank Plc N1.00, Chemical And Allied Products Plc N1.00 among others.

Nestle Nigeria Plc recorded the most share price loss, dropping by N14.50 or 3.3 per cent to close at N425.50 per share, Total Nigeria Plc followed with a loss of N11.41 or five per cent to close at N216.92 per share and Mobil Oil Nigeria Plc dipped by N5.35 or 3.4 per cent to close at N150.10 per share.

Other share price losers include: Flour Mills of Nigeria Plc N4.00, PZ Cussons Nigeria Plc N3.60, Costain (West Africa) Plc N1.55, Vono Products Plc N0.48, Ashaka Cement Plc N0.45, Presco Plc N0.43, Nigeria Bags Manufacturing Company Plc N0.40, among others.

Equity trading appreciated by 5.48 per cent, as a turnover of 1.16 billion valued at N9.899 billion was recorded last week in 29,577 deals, in contrast to the preceding week’s turnover of 1.10 billion shares valued at 9.849 billion in 35,401 deals.

The Banking sub-sector enjoyed the most patronage in the sectorial analysis, accounting for 63.71 per cent of the total market turnover, with 739.08 million shares valued at N6.18 billion in 16,645 deals. Diamond Bank Plc recorded the highest transaction in the sub-sector, trading 90.72 million shares valued at N674.5 million in 336 deals, Guaranty Trust Bank Plc followed with the exchange of 84.08 million shares valued at N1.65 billion in 2,912 deals and First Bank of Nigeria Plc recorded 75.54 million shares valued at N1.08 billion in 4,962 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 13.97 per cent of the total market turnover, with 161.78 million shares valued at N252.15 million in 983 deals. Custodian and Allied Insurance Plc recorded the most patronage in the sub-sector, trading 56.5 million shares valued at N176.45 million in 75 deals, NEM Insurance Company Plc followed with the exchange of 23.66 million shares valued at N12.35 million in 170 deals and AIICO Insurance Plc recorded 20.16 million shares valued at N19.69 million in 316 deals.


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