By Udeme Ekwere

Friday, 29 Oct 2010

The bullish trend recorded in equity trading activities on Wednesday, was sustained on Thursday, as major indicators closed positive.

Specifically, the Nigerian Stock Exchange‘s All-Share Index rose by 0.3 per cent or 71.61 points from 24,996.14 to close at 25,067.75 points.

Similarly, the market capitalisation of the listed equities gained N23bn or 0.3 per cent, to close at N7.991tn, up from the N7.968tn recorded the previous day.

According to analysts from Meristem Plc, the movement in the overall gauge of equities continued as a result of the impressive third quarter earnings of major companies, like Nestle Nigeria Plc, which enhanced investors’ confidence in the market.

“We must say that speculations on the shares of the Central Bank of Nigeria’s managed banks also fuelled the modest performance, as Oceanic Bank International, Intercontinental Bank Plc and Bank PHB Plc gained about five per cent at the close of trading,” they said.

Significant appreciation was recorded in blue-chip stocks, as 30 stocks recorded gains at the close of trading activities.

Unilever Nigeria Plc recorded the highest price appreciation of the day, rising by 2.7 per cent or 75 kobo, from N28 to close at N28.75 per share.

Nigerian Breweries Plc followed on the chart, rising by 0.7 per cent or 51 kobo to close at N76.51 per share.

Cadbury Nigeria Plc and Longman Plc also gained 1.7 per cent and five per cent to close at N30.50 and N8.25 per share in that order.

On the other hand, Oando Plc led 19 other stocks on the price losers‘ chart, shedding 4.5 per cent or N2.99 to close at N63.01 per share.

Lafarge WAPCO Plc gained 1.2 per cent or 50 kobo to close at N40 per share, while Dangote Flour Mills Plc rose by 1.9 per cent or 31 kobo to close at N15.66 per share.

Trading in the banking sub-sector drove the total volume traded, as activities in the sub-sector accounted for 76 per cent of total turnover.

Investors staked N1.496bn on 190.172 million banks’ stocks in 4,071 transactions.

Volume in the sub-sector was driven by trading in the shares of Zenith Bank Plc, United Bank for Africa Plc and Guaranty Trust Bank Plc, which accounted for 38 per cent of the sub-sector‘s turnover.

Source: Punch