HomeBusiness Insurance stocks excite investors, drive NSE turnover by 66%
Insurance stocks excite investors, drive NSE turnover by 66%
Written by Michael Eboh & Providence Obuh
Wednesday, 24 September 2008
Equity trading on the Nigerian Stock Exchange (NSE) was driven by investors preference for shares in the Insurance sub-sector, accounting for 66.2 per cent of the market turnover.
Okereke
Particularly, a turnover of 666.8 million shares valued at N3.62 billion in 8,617 deals, dropping by 14.67 per cent from Friday’s turnover of 581.49 million shares valued at N6.0 billion in 12,178 deals.
The Insurance sub-sector dominated the other sub-sectors, with a turnover of 441.3 million shares valued at N502.15 million in 1,328 deals. Investment and Allied Assurance Plc recorded the highest patronage in the sub-sector, trading 308.56 million shares valued at N228.34 million in 143 deals, followed by Goldlink Insurance Plc with the exchange of 41.13 million shares valued at N63.70 million in 93 deals and Linkage Assurance Plc recorded 20.21 million shares valued at N35.46 million in 62 deals.
The Banking sub-sector followed on the sectorial analysis, accounting for 27.13 per cent of the market turnover with 180.88 million shares valued at N2.54 billion in 4,413 deals. Spring Bank Plc emerged the most active in the sub-sector, trading 63.45 million shares valued at N354.71 million in 52 deals, followed by Afribank Nigeria Plc with exchange of 18.01 million shares valued at N403.86 million in 32 deals and Afribank Nigeria Plc recorded 12.58 million shares valued at N151.98 million in 190 deals.
Driven by losses on the share prices of majority of the blue chip companies, the performance indices, the All-share index and the market capitalisation both depreciated by 0.26 per cent each.
Specifically, the index which opened at 47,317.94 points dipped by 122.95 basis points to close at 47,194.99 points, while the capitalisation closed at N9.99 trillion from N10.02 trillion at which it opened.
Guinness Nigeria Plc recorded the highest share price loss, dropping by N1.18 to close at N117.71 per share from N118.89 per share at which it opened, followed by Julius Berger Nigeria Plc with a loss of N0.73 to close at N72.78 per share and Flour Mills Nigeria Plc dipped by N0.66 to close at N65.62 per share. Other share price losers include: Nigerian Breweries Plc N0.47, Benue Cement Company Plc N0.45, Lafarge Cement WAPCO Plc N0.38, First Bank of Nigeria Plc N0.29, BOC Gases Plc N0.28, United Bank for Africa Plc N0.26, Intercontinental Bank Plc N0.25 among others.
On the contrary, Ashaka Cement Plc recorded the highest share price gain, rising by N1.09 to close at N28.80 per share from N27.71 per share at which it opened, it was followed by Zenith Bank Plc with a gain of N1.04 to close at N37.40 per share and Conoil Plc garnered N0.76 to close at N105.90 per share.
Other share price gainers include: Skye Bank Plc N0.41, Fidelity Bank Plc N0.29, Thomas Wyatt Nigeria Plc N0.23, Big Treat Plc N0.21, Unity Bank Plc N0.21, Continental Reinsurance Plc N0.15, Cornerstone Insurance Plc N0.14 among others.
Write Comment
Please keep the topic of messages relevant to the subject of the article.
Personal verbal attacks will be deleted.
Please don't use comments to plug your web site. Such material will be removed.
Just ensure to *Refresh* your browser for a new security code to be displayed prior to clicking on the 'Send' button.
Keep in mind that the above process only applies if you simply entered the wrong security code.
MyNaijaNews.com
Naija entertainment, lifestyle, sports, music reviews, fashion, technology, mobile phone reviews, books, classified ads, greeting cards, etc....It's your content. go get it......
Be the first to comment on this article
