By Ademola Alawiye

Tuesday, 7 Dec 2010

Trading at the equities sector of the Nigerian Stock Exchange closed on a negative note on Monday, with major market indicators recording marginal depreciation.

The NSE‘s All Share Index fell by 0.09 per cent or 21.48 points to close at 24,785.56 points, from 24,807.04 on Friday.

Similarly, the market capitalisation of the listed equities fell by 0.09 per cent or N7bn from N7.93tn recorded last week, to close at N7.92tn.

The NSE-30 Index dropped by 0.12 per cent or 1.3 basis points to close at 1,066.79 points, as against 1,068.09 points recorded the previous day.

The NSE Banking Index, however, rose by 0.60 per cent or 2.31 points to close at 386.22 points, from 383.91 points recorded the preceding day.

The insurance index recorded a 0.29 per cent or 0.46 points decline, from 160.58 points to close at 160.12 points.

Activities in the banking sub-sector continued to drive total volume, as it accounted for 52.3 per cent of total volume. In the sub-sector, investors exchanged 161.81 million shares, worth N1.35bn in 3,527 deals.

Volume in the sub-sector was driven by trading in the shares of Guaranty Trust Bank Plc, First City Monument Bank Plc and First Bank of Nigeria Plc.

The insurance sub-sector followed on the activity chart, as investors exchanged 79.76 million shares, valued at N55.55m in 248 deals. Turnover in the sub-sector was driven by trading in the shares of Law Union and Rock Insurance Plc.

The gainers‘ chart was led by Stanbic IBTC Plc with an appreciation of 4.97 per cent or N45 kobo to close at N9.51 per share. Vono Products Plc followed with a gain of 4.83 per cent or seven kobo to close at N1.52 per share, while IHS Plc finished with a gain of 4.74 per cent or nine kobo to close at N1.99 per share.

Finbank Plc recorded the highest loss for the day, down by 4.88 per cent or four kobo to close at N0.78 per share. African Petroleum Plc lost 4.87 per cent or N1.03 to close at N20.12 per share. Spring Bank Plc also lost 4.81 per cent or five kobo to close at N20.12 per share.

Source: Punch