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NSE new DG to emerge Jan 2011, equity turnover dips 1.648 bn shares

By  Peter Egwuatu

A substantive Director General of the Nigerian Stock Exchange (NSE) is expected to emerge by January 2010 barring any unforseen circumstances.  Mr. Emmanuel Ikhazoboh, the Interim Head of the Nigerian Stock Exchange today told Business Morning in an exclusive interview that a new Director General of the NSE is expected to emerge later in December but will formally take office in January 2011.

Speaking on the award_winning daily financial news programming, a production of MBC News Corp on Channels Television, Ikhazoboh said his first 100 days in office has been challenging.

Meanwhile, a  turnover of 1.002 billion shares worth N9.98 billion in 19,493 deals was recorded this week, in contrast to a total of 2.65 billion shares valued at N21.5 billion exchanged penultimate week in 31,639 deals.

The stock market opened for three days as last week Tuesday and Wednesday were declared Public Holidays to mark the Eid– el – Kabir. There were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors.

The Banking sub sector was the most active during the week (measured by turnover volume), with 735.23 million shares worth N4.72 billion exchanged by investors in 11,629 deals.

Volume in the Banking sub sector was largely driven by activity in the shares of FinBank Plc, First Bank of Nigeria Plc, Bank PHB Plc and Access Bank Plc.

Trading in the shares of the four banks accounted for 327.17 million shares, representing 44.5 per cent and 32.6 per cent of the sub-sector’s turnover and total volume traded during the week under review, respectively. The Insurance sub-sector, boosted by activity in the shares of AIICO Insurance Plc and NEM Insurance Company (Nig) Plc, followed on the week’s activity chart with a turnover of 66.02 million shares valued at N57.05 million in 924 deals. The penultimate week, the Banking sub-sector led on the activity chart and was followed by the Insurance sub-sector.

The NSE All_Share Index (ASI) depreciated by 407.88 points or 1.62 to close on Friday at 24,959.95 while the market capitalization of the 200 First _Tier equities increased to N7.97 trillion.

Also, the NSE_30 Index depreciated by 3.21 points or 0.3 per cent to close at 1,076.75.  In the penultimate week, ASI and NSE_30 Indices had appreciated by 2.33 per cent and 3.3 per cent , respectively. Two of the four sectorial index appreciated compared with all the four that so appreciated during the penultimate week.

The NSE Banking Index appreciated marginally by 0.03 points or 0.01 per cent to close at 389.97 and the Oil/Gas Index appreciated by 2.58 points or 0.8 per cent to close at 339.48. However, the NSE Food/Beverage Index depreciated by 0.32 points or 0.04 per cent to close at 803.56 and the NSE Insurance Index depreciated by 2.01 points or 1.21 to close at 163.79.

Thirty-five (35) stocks appreciated in price during the week under review, lower than the sixty (60) of the preceding week.. Guinness Nigeria Plc led on the gainers’ table with a gain of N8.79 to close at N188.80 per share while 7-Up Bottling Company Plc followed with a gain of N1.81 to close at N38.47per share. Other price gainers’ in the top 10 category include: Flour Mills of Nigeria Plc _ N1.75 African Petroleum Plc _ N1.63 Northern Nig. Flour Mills Plc-N1.57 Berger Paints (Nig) Plc-N0.92 Vitafoam Nigeria Plc-N0.81 Ashaka Cement Plc-N0.73 Nigerian Aviation Handling Co. Plc-N0.66 Diamond Bank Plc -N0.34.

Fifty (50) stocks depreciated in price during the week, higher than the twenty_seven (27) of the preceding week. Nestle Nigeria Plc led on the price losers’ table, dropping by N6.00 to close at N395.00 per share while Dangote Cement Plc followed with a loss of N5.20 to close at N121.15 per share.

Other price losers in the Top 10 category include: Nigerian Breweries Plc _ N1.45 Nig. Bottling Co. Plc _ N1.05 Chemical & Allied Products Plc _ N1.00 UAC of Nigeria Plc _ N1.00 Cement Company of Northern Nig. Plc _ N0.75 The Okomu Oil Palm Plc _ N0.73 Nig_German Chemicals Plc _ N0.67 Ecobank Transnational Inc. _ N0.66.

Three equity prices were adjusted for dividend as recommended by the Board of Directors. Ikeja Hotels Plc was adjusted for dividend of N0.10 per share. Chemical and Allied Products Plc was adjusted for interim dividend of N1.00 per share. Dangote Cement Plc was adjusted for interim dividend of N2.00 per share. Supplementary Listing A total of 303,580,147 shares were added to the shares outstanding in the name of NEM Insurance Plc following the acquisition of Lambard Insurance Co. Plc.


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