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African Alliance buoys NSE’s transactions by 45%

Michael Eboh

Transaction on the Nigerian Stock Exchange (NSE) was driven, Thursday, by activity in the shares of African Alliance Insurance as it boosted market turnover by  44.96 per cent.

In particular, equity trading appreciated by 149.17 per cent as a turnover of 534.46 million shares valued at N2.69 billion was recorded in 7,067 deals, in contrast to the previous day’s turnover of 214.5 million shares valued at N1.81 billion in 5,667 deals.

African Alliance Insurance recorded a turnover of 240.25 million shares valued at N120.13 million in 10 deals. Activity in the shares of the company buoyed transactions in the Insurance sub-sector by 92.45 per cent.

The Insurance sub-sector dominated trading, accounting for 48.62 per cent of the market turnover, with 259.86 million shares valued at N139.81 million in 464 deals. Other transactions in the sub-sector include: AIICO Insurance Plc with the exchange of 5.07 million shares valued at N5.56 million in 163 deals and NEM Insurance Company Plc, trading 2.16 million shares valued at N1.11 million in 40 deals.

The Banking sub-sector followed on the sectorial analysis, accounting for 34.03 per cent of the market turnover, with 181.89 million shares valued at N1.66 million in 3,814 deals. Zenith Bank Plc recorded the highest patronage in the sub-sector, trading 30.25 million shares valued at N479.87 million in 338 deals, Fidelity Bank Plc followed with the exchange of 21.36 million shares valued at N55.51 million in 132 deals, while First Bank of Nigeria Plc recorded 18.71 million shares valued at N274.62 million in 8971 deals.

The bullish trend in the equities segment of the market continued as the value of listed equities appreciated by N35.86 billion.

The increase in equities’ value was represented by the surge in the key market indices — the market capitalisation and All-share index. The capitalisation which opened the day’s trading at N5.550 trillion rose by 0.65 per cent to close at N5.586 trillion while the index garnered 148.89 basis points to close at 23,196.20 points from 23,047.31 points.

The surge in market performance was driven by gains in the share prices of major blue chip companies, with Mobil Oil Nigeria Plc recording the most gain, rising by N4.65 to close at N97.65 per share, African Petroleum Plc followed with a gain of N2.02 to close at N42.58 per share and UAC Nigeria Plc garnered N1.50 to close at N46.00 per share.

On the contrary, Lafarge Cement WAPCO Plc recorded the most share price loss, dropping by N1.75 to close at N33.25 per share, Nigerian Bottling Company Plc followed with a loss of N1.35 to close at N25.65 per share and Glaxo SmithKline Consumer Plc dipped by N0.80 to close at N26.50 per share.

Other share price losers include: Alumaco Plc N0.79, BOC Gases Plc N0.51, P.S. Mandrides and Company Plc N0.29, Presco Plc N0.28, Costain (West Africa) Plc N0.26, Nigerian Breweries Plc N0.20 among others.


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