By Udeme Ekwere

Thursday, 23 Dec 2010

Activities in the stock market witnessed a trend reversal on Wednesday, after two straight days of bears’ dominance, to close positive.

Specifically, the NSE‘s All-Share Index, which had lost 0.04 per cent to close the previous day at 24,410.97, increased by 0.73 per cent or 180.61 basis points to 24,591.58.

Similarly, market capitalisation also increased by 0.73 per cent or N57bn from N7.79tn to close at N7.85tn.

The NSE-30 Index also rose by 11.06 points or 1.1 per cent to 1,068.04, up from 1,056.98 recorded the preceding day.

According to market analysts, the continued sentiments witnessed in banking, conglomerates, industrial and domestic products and maritime sectors was responsible for the positive close.

Consequently, two banking stocks led on the price gainers‘ chart, with Wema Bank Plc recording the highest appreciation, by five per cent or seven kobo, to close at N1.47 per share.

Fidelity Bank Plc followed on the chart, rising by 4.9 per cent to close at N2.57 per share.

Japaul Oil and Maritime Services Plc and Guinness Nigeria Plc gained 4.8 per cent each to close at N1.29 per share and N189 per share respectively.

On the other hand, IHS Plc recorded the highest loss of the day, shedding 4.8 per cent or 11 kobo to close at N2.16 per share.

Ikeja Hotel Plc also lost 4.71 per cent or eight kobo to close at N1.62 per share, while FTN Cocoa Plc and Livestock Feeds Plc fell by 4.6 and 4.2 per cent to close at 62 kobo and 69 kobo per share in that order.

Stocks in the banking sub-sector recorded the highest patronage, as trading in the sub-sector accounted for 77 per cent of total volume traded.

In the sub-sector, 186.40 million shares, valued at N1.48bn were exchanged by investors in 2,649 transactions.

Turnover in the sub-sector was driven by trading in the shares of First Bank of Nigeria Plc, First City Monument Bank Plc and Bank PHB Plc, which accounted for 43 per cent of the sub-sector‘s volume.

The insurance sub-sector followed on the chart, with N9.85m shares worth 14.32m in 232 deals.

Volume in the sub-sector was driven by activity in the shares of Niger Insurance Company Plc and Oasis Insurance Plc.

Source: Punch