Nigerian Bank Nigeria Ecobank – Financial Shares Buoy Volume On The Exchange

Source Guardian Newspaper: Helen Orji, 18 February 2010

INVESTORS’ interest in financial stocks, especially Zenith Bank Plc, yesterday, lifted transactions volume on the Exchange as 450.5 million shares, worth N3.3 billion changed hands in 7,000 deals, over 318.5 million units, valued at N2 billion, exchanged in 7,362 deals the previous day.

However, corporate performance indices, the All-Share Index of the Nigerian Stock Exchange, dropped by 41.19 points or 0.2 per cent from 23,064.29 recorded on Tuesday to 23,023.10, while market capitalisation dipped by N10 billion or 0.2 per cent from N5.555 trillion.

Accounting for the bulk of transactions yesterday, the banking sub-sector exchanged 225.7 million shares, north N2.5 billion, while the information communications technology sub sector traded 82.9 million units, valued at N18.2 million in 59 deals.

The hile the insurance sub sector ranked third with a traded volume of 59.1 million shares, worth N57.7 million in 529 deals.

A review of activities in the sub sectors showed that volume in the banking sub-sector was strengthened by activities in the shares of Zenith Bank Plc with 122.2 million shares, worth N1.9 billion in 251 deals, while Sterling Bank Plc traded 1.3 million units, worth N4.7 million in 116 deals.

For the information and communications technology sub-sector, 81.3 million shares of Starcomms Nigeria Plc, worth N178.9 million enhanced activities in the sub-sector, followed by Chams Plc with 1.7 million units, worth N1.3 million in 25 deals.

Similarly, African Alliance Insurance Plc’s 11.1 million shares worth N6.2 million lifted activities in the insurance sub-sector, followed by Law Union and Rock Plc’s 7.4 million units, worth N3.8 million exchanged in 17 deals.

On the day’s price movement chart, 49 stocks recorded share price depreciation, led by Alumaco Nigeria Plc with 87 kobo, to close at N16.63 per share, followed by BOC Gases Nigeria Plc with 59 kobo, to close at N11.26 per share. Skye Bank Plc, Academy Press Plc, Guaranty Trust Bank Plc shed 39 kobo, 36 kobo and 29 kobo to close at N7.46, N6.85 and N18.01 per share respectively.

Furthermore, May and Baker Nigeria Plc, EcoBank Plc, First City Monument Bank Plc, DN Meyer Plc, National Salt Company of Nigeria Plc, RT Briscoe Plc, United Bank for Africa Plc and AG Leventis Plc also shed 24 kobo, 23 kobo, 20 kobo, 20 kobo, 20 kobo, 19 kobo, 15 kobo and 14 kobo to close at N4.73, N4.50, N9.45, N3.99, N6.30, N5.50, N13.00 and N2.85 per share respectively.

On the other hand, Flour Mill Nigeria Plc topped the gainers’ table with 228 kobo, to close at N48.06 per share, while Diamond Bank Plc followed, adding 45 kobo, to close at N9.05 per share. Cadbury Nigeria Plc, Dangote Sugar Refinery Plc, Honeywell flourmill Plc gained 33 kobo, 29 kobo and 28 kobo, to close at N15.30, N15.30 and N6.40 per share respectively.

Similarly, UPL Plc, Redstar Express Plc, Dangote Flourmills Plc, Bank PHB, Fidson Healthcare Plc, Cement Company of Northern Nigeria Plc, Ikeja Hotel Plc, Unilever Nigeria Plc and Access Bank Plc added 23 kobo, 12 kobo, 10 kobo, nine kobo, nine kobo, seven kobo, seven kobo, five kobo and four kobo to close at N5.15, N2.64, N12.80, N1.97, N2.29, N15.72, N1.55, N25.00 and N9.34 per share respectively.

Nigerian Bank Nigeria Ecobank, First CitY Monument Bank, Guaranty Trust Bank Plc, Nigerian Stock Exchange, Skye Bank, Sterling Bank, Zenith Bank Plc