By Udeme Ekwere
Friday, 7 Jan 2011
BANKING stocks continued to boost performance indices at the Nigerian Stock Exchange on Thursday.
Though the gains recorded at the close of trading was not as huge as the previous day, investors remained excited due to the move by the Asset Management Corporation of Nigeria towards purchasing toxic assets of banks.
At the close of trading, the NSE‘s All-Share Index rose from 25,981.58 to 26,504.76 points, representing a leap by 2.01 per cent or 523.18 basis points.
Similarly, the market capitalisation of the listed equities rose by 2.01 per cent or N166tn to close at N8.468tn.
The market capitalisation had increased by N281bn or 3.5 per cent to close at N8.301tn, the previous day.
Trading in the banking sub-sector accounted for 81 per cent of total volume traded, as investors staked N6.77bn on 565.25 million banking shares, in 4,643 transactions.
Volume in the sub-sector was largely driven by trading in the shares of Zenith Bank Plc, which alone accounted for 39 per cent of turnover in the sub-sector.
Other banking stocks that drove volume include Access Bank Plc, First Bank of Nigeria Plc, United Bank for Africa Plc and Guaranty Trust Bank Plc.
The NSE-30 Index rose by 3.5 per cent from 1,134.51 on Wednesday, to 1,162.85, while the banking Index rose by 3.1 per cent to close at 445.26 points, up from 431.98 recorded the previous day.
Airline Services and Logistics Plc led on the price gainers chart, up by five per cent or nine kobo to close at N1.89 per share. Nigerian Breweries Plc followed on the chart, rising by five per cent or N3.95 to close at N83 per share.
Oando Plc and Nigerian Bags Manufacturing Company Plc gained 4.9 per cent each to close at N73.86 and N2.53 per share respectively.
On the other hand, NSL Tech Plc led the price losers‘ chart, shedding 4.7 per cent or nine kobo to close at N1.79 per share.
Livestock Feeds Plc lost 4.6 per cent to close at 61 kobo per share, while Vitafoam Plc and Cement Company of Northern Nigeria Plc lost 4.4 and 4.2 per cent to close at N6.45 and N14.71 per share respectively.
Source: Punch
