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Stock market consolidates gains

The Nigerian stock market on Wednesday consolidated gains with petroleum, banking and food shares as the toast of investors,.

The gains helped to  improve the Nigerian Stock Exchange( NSE)’ s year to date performance to 8.87%. The NSE Oil/Gas Index firmed 1.80% just as the NSE Banking Index and the NSE Food/Beverage Index climbed 1.11% and 0.50% respectively.

The stock market performance indicators, the NSE All Share Index (ASI ) and market capitalization, strengthened by 109 basis points each.

Large scale importer and exporter of refined petroleum products, Oando, was the biggest gainer on the Exchange rising by N2.76 to N58.26 per  share. Following were shares of confectionery and condiments maker, Cadbury Nigeria, which rallied 5.00% to N24.17 apiece

Unilever Nigeria, closed 4.76% higher by 1.47% to N71.03 per share. However, shares of major cement maker, Ashaka Cement, depreciated the most by N0.66 to N21.00 each.

Tumbling after, conglomerate operator of motorcycles and bicycles assembly plants, Chellarams Plc, plunged 4.94% to N8.08 a share while franchisee of Toyota and Ford motor vehicles, R.T. Briscoe, dropped 4.73% to N2.82 a share. Maker of decorative as well as industrial paints, Berger Paints Nigeria, was also impaled 4.96% to N7.66.
Investors scrambled for shares of Ikeja Hotel Plc which rallied 4.76% to N1.10 apiece after releasing its Q1 and Q2 2010 financials alongside trading activities.

Year on year, the hotels operator and catering services provider reported a 24.48% growth in Q1 turnover to N1.84 billion; but a 12.37% drop in profit after tax to N0.33 billion in the same period. However, both Q2 turnover and profit after tax increased by 8.04% and 44.73% to N3.75 billion and N0.74 billion respectively (inventories climbed 12.22% to N0.22 billion). Consequently, shareholders funds rose 10.34% to N7.36 billion


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