Nigerian Bank Nigeria Access Bank Plc – Banking Insurance Stocks Record Top Deals

Source allAfrica: Stan Okenwa And Bonny Amadi, 30 March 2010

Lagos — Equity trading at the Nigerian Stock Exchange (NSE) opened on a bullish note yesterday, with high demand on banking and insurance stocks which impacted positively on market performance indices.

The resultant massive gain recorded by companies across the sectors reflected on the price movement table which showed that 66 companies out of the 91 that recorded price movement, appreciated. This shows that 72 .53 percent off the traded equities recorded between two to five percent increase on the price that opened trading.

Market capitalisation grew by N114.18 billion to close trading at N6.25 trillion, against N6.13 trillion which opened trading. Also, the market All Share- Index (ASI) closed higher at 25,836.29 points, having added 513.41 basis points. The ASI opened the day’s trading at 25,322.87.

The banking sector scored 290.67 million shares valued at N2.90 trillion recorded by investors in 4,026 deals, to emerge the most active measured by turnover. turnover of banking sector was lifted by activity in the shares of First Bank of Nigeria with 40.03 million shares valued N638.39 million transacted by investors in 825 deals, followed by Guaranty Trust Bank (GTB) with 30.91 million shares worth N647.06 million, transacted by investors in 488 deals, Fidelity Bank posted 27.40millionnhares valued N94.00 million in 298 deals while Access Bank pulled 24.42 billion exchanged by investors in 268 deals.

The combined turnover recorded by the four banks amounted to 118.77 million shares which accounted for 40.86 percent of the subsector’s turnover.

The insurance sector followed inactivity table with 130.78 million shares valued N322.40 million transacted by investors in 622 deals. Turnover of the sector was lifted by trading in the shares of Guaranty Trust Assurance (GTA) with 82.06 million shares valued N280.59 million exchanged by investors in 100 deals. AIICO Insurance followed with 10.24 million shares valued N11.75 million traded by investors in 102 deals.

Food/Beverages sub-sector was the third in activity performance with 23.68 million shares valued N281.06 million traded by investors in 812 deals. Turnover of the sector was lifted by activity in the shares of Big Treat with 8.11 million shares worth N7.27 million and traded by investors in 58 deals, while Dangote Flour Mills pulled 6.58 million shares valued N121.87 million in 307 deals.

Flour Mills of Nigeria led the price gainers table with N2.10 to close at N61.21 per share, followed by UACN Nigeria with N2.40 , closing trade at N50.90 per share while Conoil Nigeria appreciated by N2.00 to close at N44.00 per share. Nigerian Bottling Company (NBC) added N1.56 to close at N32.66 per share while Julius Berger closed the top five losers table with N1.50 closing at N31.51 per share.

At the construction sub-sector, losers were lead by Benue Cement Company (BCC) with N1.41 loss in price to close trading at N62.20 per share, followed by UAC Property Development Company with 79 kobo loss in price to close at N22.21 per share while Beta Glass Nigeria declined by 71 kobo to close at N13.54 per share.

Union Diacon salt lost 27 kobo, closing at N5.16 per share while Prestige Assurance closed the top five losers table with 16 kobo depreciation in share price to close at N3.26 per share.

Nigerian Bank Nigeria Access Bank Plc, Fidelity Bank, Guaranty Trust Bank, Nigerian Stock Exchange