HomeBusiness Newly listed Abbey Building boosts NSE capitalisation
Newly listed Abbey Building boosts NSE capitalisation
Written by Michael Eboh & Providence Obuh
Thursday, 23 October 2008
The declining trend in the market indices of the Nigerian Stock Exchange (NSE) was halted on Tuesday, as the newly listed shares of Abbey Building Society Plc necessitated a rally on the market capitalisation, which rose by N207 billion. Specifically, N14.7 billion, representing the company’s entire share capital was added to the total market capitalisation through the listing of the company’s 4.2 billion ordinary shares of 50 kobo each at N3.50 per share.
SEC DG
To this end, the capitalisation which opened at N9.11 trillion appreciated by 2.27 per cent to close at N9.32 trillion. However, another of the market indices, the All-share index, dropped by 0.52 per cent to close at 42,469.52 points from 42,692.19 points.
Abbey Building Society also recorded the only share price gain, as its shares which was listed at N3.50 per share appreciated by N0.17 to close at N3.67 per share.
On the contrary, Chevron Oil Nigeria Plc recorded the highest share price loss, dropping by N3.86 to close at N382.30 per share from N386.16 per share, Guinness Nigeria Plc followed with a loss of N1.09 to close at N108.66 per share and Benue Cement Company Plc dipped by N0.43 to close at N43.33 per share.
Other share price losers include: Union Bank Nigeria Plc N0.38, Zenith Bank Plc N0.32, First Bank of Nigeria Plc N0.24, United Bank for Africa Plc N0.22, Intercontinental Bank Plc N0.21, Unilever Nigeria Plc N0.20, Dangote Sugar Refinery Plc N0.19 among others.
Equity trading, however, continued its descent, dropping by 11.77 per cent, as a turnover of 65.5 million shares valued at N633.51 million was recorded on Tuesday in 2,050 deals in contrast to the previous day’s turnover of 74.22 million shares valued at N965.78 million in 4,122 deals.
The Banking sub-sector dominated the other sub-sectors, accounting for 32.67 per cent of the market turnover with 21.4 million shares valued at N257.55 million in 1,178 deals. Spring Bank Plc’s shares remained the most sought after in the sub-sector, as it recorded a turnover of 9.72 million shares valued at N54.33 million in 36 deals, followed by First Bank Nigeria Plc with the exchange of 3.97 million shares valued at N95.99 million in 466 deals and Fidelity Bank Plc recorded 2.81 million shares valued at N17.84 million in 32 deals.
The Insurance sub-sector followed on the sectorial analysis, accounting for 30.76 per cent of the market turnover with 20.15 million shares valued at N30.88 million in 198 deals. Universal Insurance Plc recorded the highest patronage in the sub-sector, trading 14.67 million shares valued at N18.04 million in 21 deals, followed by International Energy Insurance Plc with the exchange of 1.24 million shares valued at N3.50 million in 19 deals and Investment and Allied Assurance Plc recorded 1.24 million shares valued at N914,088.70 in 27 deals.
The Real Estate Investment Trust sub-sector trailed with a turnover of 14.89 million shares valued at N54.63 million in 54 deals. Abbey Building Society solely accounting for trading in the sub-sector.
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