June 22, 2009

Blue chips’ gains buoy share value by N45bn

By Michael Eboh & Chinedu Ibeabuchi
The value of listed equities on the   Nigerian Stock Exchange (NSE) appreciated last week by N44.82 billion. This was in spite of the downturn recorded in the market indices for the most part of the week, which saw investors taking advantage of few price gains recorded in the previous weeks to make some profits.

Specifically, the value of listed equities, represented by the market capitalisation appreciated by 0.68 per cent to close at N6.593 trillion, from N6.548 trillion at which it opened.

The All-share index dipped by 196.52 basis points to close at 28,910.19 points, from 28,713.67 points at which it opened the week under review.

The surge in the market indices was driven by gain on the share prices of blue chip companies, with African Petroleum Plc recording the most share price, rising by N12.91 to close at N102.90 per share, Guinness Nigeria Plc followed with a gain of N10.18 to close at N128.20 per share and Oando Plc garnered N6.83 to close at N89.00 per share.

Other share price gainers include: Benue Cement Company Plc N5.50, Nigerian Breweries Plc N4.70, Ecobank Transnational Incorporated N3.65, Glaxo SmithKline Consumer Plc N2.50, Conoil Plc N1.64, Dangote Flour Mills Plc N1.58, UAC Nigeria Plc N1.50 among others.

On the contrary, Julius Berger Nigeria Plc recorded the most share price loss, dropping by N3.51 to close at N34.00 per share, Nigerian Bottling Company Plc followed with a loss of N1.97 to close at N23.76 per share and Seven-up Bottling Company Plc shed N1.90 to close at N36.10 per share.

Other share price losers include: Okomu Oil Palm Plc N1.39, RT Briscoe (Nigeria) Plc N1.37, United Bank for Africa Plc N1.28, Lafarge Cement WAPCO Nigeria Plc  N1.18, Bank PHB Plc N1.15, First Bank of Nigeria Plc N1.01, Flour Mills of Nigeria Plc N1.00 among others.

A turnover of 2.75 billion shares valued at N25.34 billion was recorded in the week under review, in 53,259 deals, representing an appreciation of 43.23 per cent from the previous week’s turnover of 1.92 billion shares valued at N13.77 billion in 51,454 deals.

The Banking sub-sector dominated the other sub-sectors in the week under review, accounting for 58.18 per cent of the market turnover, with 1.6 billion shares valued at N17.1 billion in 30,684 deals. Diamond Bank Plc recorded the most patronage in the sub-sector, trading 143.73 million shares valued at N1.41 billion in 1,100 deals, First Bank of Nigeria Plc followed with the exchange of 142.91 million shares valued at N3.37 billion in 6,175 deals and United Bank for Africa Plc recorded 127.8 million shares valued at N1.88 billion in 2,363 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 15.93 per cent of the market turnover, with 438.32 million shares valued at N541.4 million in 5,441 deals.  Goldlink Insurance Plc enjoyed the most patronage in the sub-sector, trading 56.25 million shares valued at N32.67 million in 401 deals, followed by Lasaco Assurance Plc with a turnover of 31.43 million shares valued at N37.39 million in 341 deals and NEM Insurance Plc recorded 30.8 million shares valued at N35.37 million in 405 deals.