By Ademola Alawiye

Tuesday, 30 Nov 2010

Market indices at the Nigerian Stock Exchange on Monday recorded marginal gains, as trading in the banking sub-sector buoyed trading volume.

At the close of activities, a total of 242.95 million shares, valued at N1.63bn were exchanged in 5,305 deals.

Activities in the banking sub-sector drove volume, accounting for 80.8 per cent of total turnover.

Investors staked a total of N1.11bn on 196.37 million shares in 3,346 deals, with the shares of Oceanic Bank International Plc accounting for 32.6 per cent of the sub-sector‘s total.

The insurance sub-sector followed on the activity chart, accounting for 5.2 per cent of total turnover. Activity in the sub-sector was driven by trading in the shares of Oasis Insurance Plc, Goldlink Insurance Plc and AIICO Insurance Plc.

According to market analysts, the upbeat recorded in the market cut across all the sectors, particularly the banking sub-sector. They, however, said that the market might witness profit taking activities soon.

Zenith Bank Plc led 33 stocks on the gainers‘ chart, rising by five per cent or N11.26 to close at N236.61 per share, while Nigerian Bottling Company also gained 4.65 per cent or N1.40 to close at N31.50 per share. Flour Mills Nigeria Plc followed with a 1.45 per cent or N1.00 increase to close at N70.00 per share.

Conoil Plc recorded the highest loss, down by five per cent or N1.83 to close at N34.80 per share.

Ecobank Transnational Incoporated lost 3.84 per cent or 60 kobo to close at N15.01 per share, while Oando Plc fell by 0.74 per cent or 50 kobo to close at N67.00 per share.

Meanwhile, the NSE‘s All-Share Index rose by 0.22 per cent or 53.94 points to close at 24,665.50, from 24,611.56 basis points on Friday.

Similarly, the market capitalisation of the listed equities appreciated by 0.22 per cent or N17bn to close at N7.88tn, as against N7.86tn recorded last week.

The NSE-30 closed at 1,061.57 basis points, indicating a 0.33 per cent or 3.47 points increase, from 1,058.10 recorded the previous week.

The NSE Banking Index closed at 383.05 basis points, after an increase of 0.14 per cent or 0.23 points from 161.95, while the NSE Insurance Index rose marginally by 0.14 per cent or 0.23 points to close at 162.18 basis points.

Source: Punch