By Udeme Ekwere

Thursday, 6 Jan 2011

Stocks in the banking sub-sector continued to drive trading activities on the floor of the Nigerian Stock Exchange on Wednesday.

An analysis of activities showed that investors embraced stocks in the banking sub-sector, which accounted for the continued rally in the market.

However, the fresh bargain activities were also witnessed in Insurance sector and the food/beverages sub-sector.

The NSE Banking Index rose by 4.8 per cent or 19.73 basis points from 412.25 recorded the previous day, to 431.98 on Wednesday. The banking index had recorded a rise by 3.3 per cent the preceding day.

The NSE-30 Index also rose by 3.1 per cent or 34.05 basis points from 1,100.46 points to 1,134.51, while the food/beverages index closed at 797.20 points, representing an increase of 1.7 per cent or 13.30 basis points, as against 783.90 recorded on Tuesday.

Investors staked N3.766bn on 338.672 million banking shares, in 3,011 transactions. Trading in the sub-sector accounted for 66 per cent of the total turnover traded.

Activities in the shares of Zenith Bank Plc, Access Bank Plc, and Diamond Bank Plc, accounted largely, for total volume recorded in the banking sub-sector.

The food/beverages sub-sector followed on the activity chart, with investors exchanging 47.913 million shares, worth N865m in 588 deals.

Volume in the sub-sector was driven by trading in the shares of Dangote Sugar Refinery Plc which accounted for 78 per cent of volume in the sub-sector.

A total of 69 stocks recorded price appreciation, while eight stocks recorded losses.

Nigerian Aviation Handling Company Plc recorded the highest price appreciation for the day, rising by five per cent or 51 kobo to close at N10.71 per share.

Evans Medical Plc, on the other hand, lost the highest, shedding 4.7 per cent or five kobo to close at N1 per share.

Meanwhile, the Securities and Exchange Commission will meet with operators in the capital market on Friday, in order to discuss issues on how to move the market forward.

The Interim Administrator of the Nigerian Stock Exchange, Mr. Emmanuel Ikazoboh, disclosed this to stockbrokers at the close of trading on Tuesday.

 

Source: Punch