By Udeme Ekwere

Friday, 24 Dec 2010

Equity trading closed on a positive note on Thursday, with major market indicators recording marginal appreciation.

The Nigerian Stock Exchange All-Share Index rose by 0.4 per cent or 107.71 basis points from 24,591.58 the preceding day, to close at 24, 669.29.

Similarly, the market capitalisation of the listed equities, which had increased by N22bn the previous day, rose further by N35bn or 0.4 per cent to close at N7.891tn, up from N7.856tn.

Other indices like the NSE-30 Index rose by 0.4 per cent or 4.22 points from 1,068.04, to close at 1,072.26 while the NSE Food/beverages Index rose by 0.63 per cent or 4.86 points to 776.28 from 771.42 the preceding day.

The banking index and the insurance index also closed positive, rising by 0.7 per cent each to close at 396.47 and 154.67 points respectively.

Sterling Bank Plc recorded the highest price appreciation of the day. It led 42 other equities, rising by five per cent or 11 kobo to close at N2.31 per share.

Okomu Oil Palm Plc rose by five per cent or 66 kobo to close at N13.87 per share.

Intercontinental Bank Plc and Cement Company of Northern Nigeria Plc rose by 4.9 per cent each, to close at N2.12 and N15.74 per share respectively.

On the other hand, Scoa Plc, led the price losers‘ chart, shedding five per cent or 43 kobo to close at N8.28 per share.

FTN Cocoa Plc fell by 4.8 per cent or three kobo to close at 59 kobo per share, while Paints and Coatings Manufacturing Nigeria Plc and Starcomms Plc lost 4.8 and 4.6 per cent to close at N3.36 and N1.45 per share respectively.

Meanwhile, the banking sub-sector continued to drive the total volume traded, as activities in the sub-sector accounted for 76 per cent of turnover.

In the sub-sector, investors exchanged 237.234 million shares, worth N2.039bn in 2,838 transactions.

Volume in the sub-sector was driven by trading in the shares of First City Monument Bank PLc, Access Bank Plc, Zenith Bank Plc and United Bank of Africa Plc, which accounted for 57 per cent of the sub-sector’s turnover.

Source: Punch