Author Topic: OIL STOCKS RECORD SIGNIFICANT LOSSES  (Read 1148 times)

Offline furtune

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OIL STOCKS RECORD SIGNIFICANT LOSSES
« on: October 31, 2008, 03:41:01 PM »

The bearish trend, which took over the stock market seven months ago, deepened at Thursday’s close, as oil stocks recorded significant losses.

Specifically, the shares of Chevron Oil Nigeria Plc led on the price losers’ chart, dropping N19.11 to close at N363.19 per share.

The company traded 50,402 shares, valued at N18.306m, in 10 deals

The shares of Oando Plc and Conoil Plc followed on the price losers’ chart dropping N7.68 and N4.98 per share in that order.

Like the previous day, three stocks appreciated in price with FTN Cocoa Processors Plc topping the price gainers’ chart with a gain of 9 kobo to close at N2 per share.

Similarly, Bagco Cement Company Plc and Omatek Ventures Plc added 7 kobo each to their share prices to close at N3.72 and N2 per share respectively.

The banking sub-sector, however, displaced the insurance sub-sector on the activity chart, accounting for 44 per cent of total turnover.

It traded 73.324 million shares, valued at N821.607m, in 2,937 deals, as against 72,505 million shares, valued at N944.896m, traded the preceding day in 3,383 transactions.

Turnover in the sub-sector was boosted by activity in the shares of Spring Bank Nigeria Plc, which accounted for 45 per cent of the sub-sector’s volume.

The bank traded 33,088 million shares, valued at N184.961m in 128 deals.

The insurance sub-sector followed on the activity chart accounting for eight per cent of the total volume traded.

The sub-sector traded 14.335 million shares valued at N28.563m in 304 transactions.

Volume in the sub-sector was boosted by activities in the shares of NEM Insurance Plc and Investment and Allied Assurance Plc, accounting for 33 per cent of the sub-sector’s turnover.

Both companies traded 5.542 million shares, valued at N7.025m in 93 deals.

Meanwhile, the market capitalisation of the 303 listed equities closed on a negative note, dropping by N301bn or 3.5 per cent from N8.527tn on Wednesday, to N8.226tn.

Similarly, the All-Share-Index of the NSE decreased by 1,372 basis points or 3.5 per cent, from 38,869.32 to 37,497.96.

In all, Investors staked N1.479bn on 165.783 million shares in 5,110 transactions, as against 249.216 million shares, valued at N1.593bn, traded the preceding day in 6,032 transactions.

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OIL STOCKS RECORD SIGNIFICANT LOSSES
« on: October 31, 2008, 03:41:01 PM »

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Offline Prince

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Re: OIL STOCKS RECORD SIGNIFICANT LOSSES
« Reply #1 on: October 31, 2008, 08:55:36 PM »
They should deep into there savings.

Offline furtune

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Re: OIL STOCKS RECORD SIGNIFICANT LOSSES
« Reply #2 on: November 01, 2008, 01:07:25 PM »
would that be possible?
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Offline Prince

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Re: OIL STOCKS RECORD SIGNIFICANT LOSSES
« Reply #3 on: November 01, 2008, 06:02:20 PM »
They're doing it already.

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Re: OIL STOCKS RECORD SIGNIFICANT LOSSES
« Reply #3 on: November 01, 2008, 06:02:20 PM »

 

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