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Bullish trend persists, share value rises by N81bn

By Michael Eboh & Chinedu Ibeabuchi
The bullish trend in the  Nigerian capital market continued for the third day running, Wednesday, as gains on the share prices of majority of the listed equities, drove up the market capitalisation and All-share index by 1.33 per cent each.


Particularly, the market capitalisation, representing the value of listed equities, rose by N81.2 billion to close at N6.207 trillion from N6.125 trillion at which it opened, while the index dipped by 356.04 basis points to close at 27,217.59 points from 26,861.55 points.

Meanwhile, Chevron Oil Nigeria Plc, Wednesday, announced its full year results for its 2008 financial year. It posted a loss of N225.43 million, attributing the loss to the industrial action embarked upon by its staff within the period, which crippled activities in its operations.

Nestle Nigeria Plc recorded the most share price gain, rising by N9.01 to close at N199.00 per share, Guinness Nigeria Plc followed with a gain of N6.45 to close at N135.45 per share and Benue Cement Company Plc garnered N1.96 to close at N44.96 per share.

Other share price gainers include: UAC Nigeria Plc N1.82, Julius Berger Nigeria Plc N1.47, UAC Property Development Company Plc N0.85, Ecobank Transnational Incorporated N0.70, Ashaka Cement Plc N0.69, Zenith Bank Plc N0.68, United Bank for Africa Plc N0.67 among others.

On the contrary, African Petroleum Plc recorded the most share price loss, dropping by N5.50 to close at N104.50 per share, Total Nigeria Plc followed with a loss of N1.00 to close at N175.00 per share and Access Bank Plc shed N0.70 to close at N8.35 per share.

Other share price losers include: Intercontinental Bank Plc N0.45, Unilever Nigeria Plc N0.26, Oceanic Bank International Plc N0.18, International Breweries Plc N0.17, Red Star Express Plc N0.15, Stanbic IBTC Bank Plc N0.13, Deap Capital Management and Trust Plc N0.12 among others.

Equity trading, however, depreciated by 23.25 per cent, as a turnover of 421.4 million shares valued at N4.06 billion was recorded in 9,620 deals, in contrast to the previous day’s turnover of 549.05 million shares valued at N4.11 billion in 10,595 deals.

The Banking sub-sector recorded the highest patronage, accounting for 66.95 per cent of the market turnover, with 282.12 million shares valued at N3.44 billion in 6,349 deals. United Bank for Africa Plc emerged the most active in the sub-sector, trading 63.41 million shares valued at N897.7 million in 415 deals, followed by First Bank of Nigeria Plc with the exchange of 47.15 million shares valued at N1.07 billion in 1,786 deals and Zenith Bank Plc recorded 27.17 million shares valued at N406.26 million in 412 deals.


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