Banks, automobile stocks buoy NSE’s Turnover


Thursday, 19 August 2010 00:00 By Helen Oji


Trading in the shares of some companies in the banking and automobile and tyre sub-sectors, yesterday, lifted the volume of shares traded as 292.5 million shares valued atN2.9 billion changed hands in 6,303 deals, higher than 192.6 million units worth N2 billion recorded in 6,285 deals, on Tuesday.


A breakdown of activities in the banking sub-sector showed that the sub-sector was strengthened by activities in the shares Access Bank Plc and Zenith Bank Plc with 24.6 million shares and 21.2 million units worth N196.7 million and N286 million units in 209 and 345 deals respectively.


RT Briscoe Plc’s 53.8 million shares valued at N190.6 million enhanced activities in the automobile and tyre sub-sector, while the conglomerates sub-sector was energised by activities in the shares of TransNational Corporations and PZ Cussons, which traded 15.7 million and 1.3 million units valued at N7.8 million and N45.2 million respectively.


With 34 stocks enjoying price appreciation compared to 30 that constituted the losers’ chart, the All-Share Index of the Nigerian Stock Exchange (NSE) fell by 58.2 points or 0.23 per cent from 25,228.22 recorded on Tuesday to 25,170.02, while market capitalisation depreciated by N14 billion or 0.22 per cent from N6,169 trillion to N6,155 trillion.


The Interim Administrator of NSE, Mr. Emmanuel Ikazoboh, had linked the downswing on the Exchange within the context of developments in the international stock market, adding that the Exchange cannot be insulated from the global development.


Explaining the global trend, Ikazoboh noted that; “globally, there are fears that the downturn isn’t completely over and that we may experience a double dip in growth”.


Explaining the global trend, Ikazoboh noted that: “Globally, there are fears that the downturn isn’t completely over and that we may experience a double dip in growth”.


Cement Company of Northern Nigeria leading on the gainers’ chart with 74 kobo to close at N15.54. Okomuoil followed with a gain of 73 kobo to close at N15.50. Flour Mills added 70 kobo to close at N71.75. Julius Berger appreciated by 54 kobo to close at N54.55 while PZ Cussons increased by 52 kobo to close at N37.52. Ashaka Cement, Presco, Longman,Dangote Flourmills,Nigerian Aviation Handling Company,EcoBank, Diamond Bank, StanbicIBTC and Afribank added 32 kobo, 32 kobo, 27 kobo, 25 kobo, 17 kobo, 13 kobo, 11 kobo, 10 kobo and nine kobo to close at N19.67, N6.77, N5.77, N19.30, N9.81, N4.64, N7.01, N8.80 and N1.99 per share respectively.


On the downward side, African Petroleum topped the losers’ chart with a loss of N1.23 to close at N23.48. Unilever followed with a loss of 69 kobo to close at N24.56. UACN dropped by 45 kobo to close at N41.00. University Press shed 41 kobo to close at N7.89, while Ecobank Transnational Incorporated depreciated by 38 kobo to close at N16.61, among other losers.


Source: Guardian



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