By Ademola Alawiye

Thursday, 16 Dec 2010

Turnover increased at the Nigerian Stock Exchange on Wednesday, as trading in the banking sub-sector drove activities.

At the close of trading, a total of 257.45 million shares, valued at N2.38bn were exchanged in 4,942 deals.

Activities in the banking sub-sector drove volume, accounting for 76 per cent of total turnover. Investors staked a total of N1.57bn on 195.71 million shares in 3,252 deals, with the shares of Access Bank Plc, First bank of Nigeria Plc, Guaranty Trust Bank Plc, Zenith Bank Plc and Finbank Plc driving volume in the sub-sector.

The insurance sub-sector followed on the activity chart, accounting for 6.3 per cent of total turnover. Activity in the sub-sector was driven by trading in the shares of Oasis Insurance Plc, AIICO Insurance Plc and Continental Reinsurance 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, as some of the sectors have started showing signs of sell pressures by investors.

Vono Products Plc led 24 stocks on the gainers‘ chart, rising by five per cent or 10 kobo to close at N2.10 per share, while Nigerian Bottling Company Plc gained 4.98 per cent or N1.57 to close at N33.10 per share. Lafarge Wapco Plc followed with a 4.97 per cent or N1.94 rise to close at N40.94 per share.

Bank PHB Plc recorded the highest loss, down by five per cent or nine kobo to close at N1.71 per share.

MRS Oil Nigeria Plc lost 4.99 per cent or N3.68 to close at N70.06 per share, while Northern Nigeria Flour Mills Plc fell by 4.98 per cent or N2.09 to close at N39.88 per share.

Meanwhile, the NSE‘s All Share Index rose by 0.84 per cent or 204.21 points to close at 24,511.04, from 24,306.83 points recorded on Tuesday.

Similarly, the market capitalisation of the listed equities appreciated by 0.84 per cent or N65bn to close at N7.83tn, as against N7.77tn recorded the previous day.

The NSE-30 Index closed at 1,050.76 basis points, indicating a 1.02 per cent or 10.57 points rise, from 1,040.19 points at which it closed on Tuesday.

Source: Punch