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Insurance stocks drive NSE turnover by 59%

By Chinedu Ibeabuchi
Equity trading on the  Nigerian Stock Exchange (NSE) was driven, Tuesday, by activity in the Insurance sub-sector, accounting for 58.8 per cent of the market turnover.

This brought about a significant improvement in equity trading, as a turnover of 609.77 million shares valued at N2.798 billion was recorded in 18,365 deals, rising by 50.22 per cent from the previous day’s turnover of 405.930 million shares valued at N1.623 billion in 3,858 deals.

Specifically, transaction in the Insurance sub-sector was driven by investors’ preference for the shares of AIICO Insurance Plc, accounting for 54.94 per cent of the market turnover and 93.43 per cent of total turnover in the insurance sub-sector.

The Insurance sub-sector recorded a turnover of 358.56 million shares valued at N413.99 million in 13,270 deals. AIICO Insurance Plc traded 335.02 million shares valued at N381.92 million in 13,037 deals, followed by Custodian and Allied Insurance Plc, trading 8.85 million shares valued at N21.66 million in 19 deals and International Energy Insurance Plc recorded 7.19 million shares valued at N5.27 million in 83 deals.

The Banking sub-sector followed in the sectorial analysis, accounting for 34.46 per cent of the market turnover with 210.12 million shares valued at N1.82 billion in 2,960 deals. United Bank for Africa Plc emerged the most patronised in the sub-sector, trading 56.73 million shares valued at N669.27 million in 330 deals, followed by Access Bank Plc with the exchange of 36.76 million shares valued at N210.8 million in 263 deals and First Bank of Nigeria Plc recorded 23.56 million shares valued at N325.43 million in 1,129 deals.

Investors’ woes continued, as the value of listed equities on the Nigeria Stock Exchange (NSE) depreciated further by N109.3 billion. The key market indicators, represented by the market capitalisation and the all-share index, both dipped by 2.02 per cent each.

Specifically, the market capitalisation depreciated by N109.3 billion to close at N5.315 trillion from N5.424 trillion at which it opened, while the all-share index dropped 476.78 points to close at 23,184.25 points from 23,661.03 points at which it opened.

Shares of Total Nigeria Plc were the hardest hit of all the companies that recorded price depreciation, with a loss of  N7.27 to close at N138.23 per share from N145.50 per share at which it opened, followed by Nestle Nigeria Plc, with a loss of N4.50 to close at N198.00 per share and African Petroleum Plc dipped by N2.95 to close at N56.05 per share.

Other share losers include: Benue Cement Company Plc N2.02, Guinness Nigeria Plc N2.00, Flour Mills Nigeria Plc N1.13, Lafarge Cement WAPCO Plc N0.98, Eterna Oil and Gas Plc N0.93, Ecobank Transnational Incorporated N0.76, Zenith Bank Plc N0.61, among others.
On the contrary, Nigeria Breweries Plc led in the slow-paced gainers’ table, gaining N1.16 to close at N55.08 per share from N53.92 per share at which it opened, followed by Glaxo SmithKline Plc, rising by N0.83 to close at N17.51 per share and Julius Berger Plc appreciated by N0.81 to close at N26.99 per share.

Other share price gainers include: Unilever Nigeria Plc N0.75, UAC Nigeria Plc 0.70, Roads Nigeria Plc N0.17, Sterling Bank Plc N0.07, Dangote Flour Mills Plc N0.05, Union Diagnostic and Clinical Plc N0.03, Multiverse Resources Plc N0.02, among others.
File Name: Stock Tuesday, 18th August, 2009


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