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SOCIETY, BUSINESS and ECONOMY => BUSINESS and ECONOMY => STOCK and FOREX EXCHANGE => Topic started by: furtune on November 12, 2008, 11:32:06 AM

Post by: furtune on November 12, 2008, 11:32:06 AM
Blue chip stocks boost indices
By Helen Oji

HEAVY share price gains in the stocks of some blue chip companies, especially in the breweries sub-sector, yesterday jerked up the market indices further by 2.1 per cent.

Precisely, at the close of trading yesterday, price gains outweighed losses, just as corporate performance indices, the All-share index of the Nigerian Stock Exchange rose by 764.97 points or 2.1 per cent, from 3497.05 recorded when the market began on Monday to 35,738.02 yesterday, while market capitalisation increased by N168 billion, from N7.672 trillion to N7.840 trillion.

On the activities chart, the banking sub-sector maintained its dominance in volume terms with 1777.9 million shares, valued at N1.9 billion in 5,135 deals, while the insurance sub-sector followed with 50.6 million units, worth N83.8 million in 745 deals.

The maritime sub-sector ranked third on the list with 5.9 million shares worth N22 million in 93 deals.

A breakdown of activities in the banking sub-sector yesterday, showed that the sub-sector was strengthened by activities in the shares of Oceanic Bank International Plc, which traded 30.8 million shares, valued at N432.5 million in 907 deals, while Access Bank Plc, followed with 29.8 million shares worth N249.4 million in 427 deals.

The insurance sub-sector was energised by activities in the shares of Investment and Allied Assurance Plc, which traded 7.9 million shares, valued at N3.9 million in 68 deals, while Lasaco Assurance Plc followed with 6.4 million units worth N9.3 million in 88 deals.

The maritime sub-sector was boosted by activities in the shares of Japaul Oil and Maritime Services Plc, which traded 5.9 million shares, valued at N22.9 million.

On the price movement chart, 52 stocks recorded price appreciation with Guinness Nigeria Plc leading others on the gainers chart with 428 kobo to close at N89.88 per share. Nigerian Breweries Plc followed, adding 188 kobo to close at N38.54 per share.

First Bank of Nigeria Plc, Zenith Bank International Plc, Ashaka Cement Plc, United Bank for Africa Plc (UBA), Dangote Sugar Refinery Plc, Guaranty Trust Bank Plc, Intercontinental Bank Plc and Dangote Flour Mills Plc also added 116 kobo, 102 kobo, 95 kobo, 80 kobo, 77 kobo, 72 kobo, 67 kobo and 64 kobo, to close at N24.48, N25.85, N29.95, N16.89, N16.31, N15.22, N14.17 and N13.49 per share.

On the other hand, Oando Nigeria Plc emerged the days highest price loser, shedding 694 kobo to close at N131.87 per share.

Julius Berger Plc, Flourmills Nigeria Plc, Nigerian Bottling Company Plc, BOC Gases Plc, PZ Cussons Plc, GlaxoSmithKline Plc, UACN Plc, Vitafoam Nigeria Plc and International Breweries Plc also lost 338 kobo, 257 kobo, 189 kobo, 99 kobo, 93 kobo, 84 kobo, 44 kobo, 39 kobo and 37 kobo to close at N64.40, N48.93, N36.80, N18.91, N17.67, N16.76, N34.56, N7.47 and N7.57 per share.