Author Topic: BANKING STOCKS DRIVE VOLUME, VALUE  (Read 996 times)

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BANKING STOCKS DRIVE VOLUME, VALUE
« on: November 27, 2008, 07:02:37 PM »
  Banking stocks drive volume, value
By Udeme Ekwere


The dominance of the banking sub-sector on the activity chart of the Nigerian Stock Exchange continued into the third trading day of the week as the sub-sector drove the overall turnover.

A turnover of 226.157 million shares, valued at N2.2bn was recorded in 5,885 transactions in the sub-sector, compared with 349.219 million equities worth N2.9bn traded the preceding day in 6,647 deals.

The sub-sector accounted for 70 per cent of total value and 52 per cent of total volume traded on Wednesday.

Volume was largely driven by activities in the shares of Diamond Bank Plc, Spring Bank Plc and Access Bank Plc, which accounted for 41 per cent of turnover.

The insurance sub-sector, which followed on the activity chart, traded 116.129 million shares, worth N282m in 1,002 deals, compared with 54.789 million shares, valued at N95m, exchanged the previous day in 866 transactions.

The shares of Mutual Benefits Assurance Plc, which traded a total of 15.031 million shares, valued at N27.283m in 85 deals, drove volume in this sub-sector.

Meanwhile, major market indicators continued to witness a downslide as the market capitalisation of the 309 listed equities dropped by N67bn or 0.9 per cent from N7.467tn on Tuesday, to close at N7.400tn.

Similarly, the NSE?s All-Share Index fell by 304.36 basis points or 0.9 per cent from 33,834.94 to 33,530.58.

Analysts linked the slide to significant losses recorded on the price movement chart on Wednesday.

Petroleum marketing stock, Oando Plc, which had led the losers? table the previous day, lost N4.60 from its initial price of N92.11 to close at N87.51 per share, while Guinness Nigeria Plc followed on the chart, with a price depreciation of N2.99 to close at N91 per share.

BOC Gases Plc and Union Bank of Nigeria Plc lost 89 kobo each to close at N16.99 and N18.31 per share in that order.

On the flip side, Nigerian Bottling Company Plc recorded the highest price appreciation for the day with a gain of N1.76 to close at N36.96 per share.

Nigerian Breweries Plc and Ashaka Cement Plc also chalked up N1.20 and N1.10, respectively, to close at N36.90 and 23.14 per share.

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BANKING STOCKS DRIVE VOLUME, VALUE
« on: November 27, 2008, 07:02:37 PM »

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