By Udeme Ekwere

Friday, 31 Dec 2010

Investors’ interest in banking stocks continued to drive trading activities on Thursday, with major indicators recording marginal appreciation.

Specifically, the market capitalisation of the listed equities rose by 0.05 per cent or N4bn from N7.908tn to close at N7.912tn.

Similarly, the Nigerian Stock Exchange’s All-Share Index rose by 0.05 per cent or 11.30 basis points, to close at 24,765.60, up from 24,754.30.

The banking index rose by 1.57 points or 0.4 per cent to hit 400.29 points, as against 398.72 points recorded at the close of trading on Wednesday.

This was as a result of investors’ increased interest in stocks in the banking sub-sector.

A total of 111.043 banking stocks, valued at N1.045bn were exchanged by investors in 2,581 transactions.

Activities in the sub-sector, accounted for 53 per cent of total volume traded on Thursday.

Trading in the shares of Zenith Bank Plc, First Bank of Nigeria Plc, Skye Bank Plc, Oceanic Bank International Plc and Diamond Bank Plc, drove volume in the sub-sector, accounting for 55 per cent of the volume traded.

The insurance sub-sector followed on the activity chart, with 39.45 million shares, worth N23.743m exchanged in 294 transactions.

Volume in the sub-sector was driven by trading in the shares of Goldlink Insurance Plc, Cornerstone Insurance Company Plc and International Energy Insurance Plc.

Like the preceding day, agriculture/agro-allied sub-sector stock, Presco Plc recorded the highest price appreciation, gaining five per cent or 31 kobo to close at N6.53 per share.

Costain West Africa Plc followed on the chart, rising by five per cent or 32 kobo to close at N6.75 per share.

IHS Plc and Vitafoam Plc gained 4.8 per cent each, to close at N2.60 and N6.35 per share respectively.

On the other hand, Wema Bank Plc, which recorded the highest price loss of the day, lost five per cent or seven kobo to close at N1.33 per share.

C&I Leasing Plc and Evans Medical Plc also lost 4.9 per cent each to close at N1.53 and N1.15 per share respectively.

 

Source: Punch