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Bul Chip bears on the Exchange

By Moses Ebosele and Femi Adekoya
23 December 2009   |   10:00 pm
Marginal gains recorded by a few blue chip stocks yesterday, enhanced the return of the bulls to the equities sector of the Nigerian Stock Exchange (NSE) as corporate performance indicators rose by 0.4 per cent.

At the close of transactions yesterday, the All-share index closed higher at 20,528.82 points from 20,438.93 points on Tuesday, while market capitalisation rose by N21 billion from N4.89 billion to N4.92 trillion.


Similarly, equities trading was on the upbeats yesterday as 532.4 million shares valued at N5.15 billion changed hands, up from 514.5 million shares valued at N4.64 billion exchanged on by investors on Tuesday.

On the day’s price movement chart, Lafarge WAPCO Plc led the bulls, up by 125 kobo to close at N28.80 per share, followed by Flour Mills of Nigeria Plc with 80 kobo to close at N37.00 per share, while Ecobank Transnational Incorpoarated with 70 kobo to close at N14.70 per share.

Furthermore, Zenith Bank Plc, United Bank for Africa Plc, National Salt Company of Nigeria Plc, First City Monument Bank Plc and Longman Nigeria Plc, all added 59 kobo, 28 kobo, 19 kobo, 16 kobo and 9 kobo each to close at N12.79, N10.90, N3.99, N7.19, and N9.50 respectively.

On the other hand, CAP Plc topped the day’s price losers’ chart with 123 kobo to close at N28.00 per share, followed by Glaxo Smithkline Consumer Plc with 118 kobo to close at N22.44 per share, while Ecobank Nigeria Plc ranked third with 58 kobo to close at N11.18 per share.

In volume terms, the banking sub-sector was the most active in volume terms trading 402.2 million shares worth N3.94 billion, followed by the insurance sub-sector with 59.3 million shares valued at N82.4 million, while the petroleum marketing sub-sector exchanged 16.4 million shares worth N656.7 million.

Further review of activities in the equities sub-sector showed that the volume of banking sub-sector was largely energised by 237million shares of United Bank for Africa Plc worth N2.58 billion, followed by Guaranty Trust Bank Plc’s 38.6 million shares worth N609.3 million.

For the Insurance sub-sector, the volume was boosted by Guaranty Trust Assurance Plc’s 20 million shares worth N42 million, while 9.8 million shares of Eterna Oil and Gas Plc worth N57.2 million energized the volume of the petroleum marketing sub-sector’s volume.