Author Topic: CHEVRON HITS N300 MARK AS INDEX DIPS  (Read 2051 times)

Offline furtune

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CHEVRON HITS N300 MARK AS INDEX DIPS
« on: August 19, 2008, 07:25:47 PM »

After recording series of significant share price losses in the month of July, Chevron Oil Nigeria Plc hit the N300 mark at the close of trading on Monday.
The share, which had closed at N353.40 per share on July 17, 2008, had consistently led the losers? chart for 11 trading days, dropping by 55 per cent to a year low of N160 per share.

Sources had said that the management attributed the negative performance to the strike action by the transport workers union that lasted for about two months.

They noted that the stock might regain its balance after announcing its next quarter result.

The stock appreciated by N14.32 on Monday, to close at N300.76 per share.

Meanwhile, the market capitalisation of the 319 listed equities dropped by N183bn or 1.9 per cent to close at N9.506tn from N9.689tn recorded last Friday.

Similarly, the All-Share Index of the Nigerian Stock Exchange fell by 1.9 per cent from 47,517.87 to 46,621.07.

Mobil Oil Nigeria Plc topped the gainers? chart, adding N15.75 to its previous price of N315 to close at N330.75 per share.

Julius Berger Nigeria Plc and Flour Mills Nigeria Plc also gained N2.61 and N2.47, respectively, to close at N52.39 and N63.53 per share.

On the other hand, Oando Plc recorded the highest price depreciation, shedding N7.45 to close at N141.70 per share. Guinness Nigeria Plc and Lafarge Wapco Plc also lost N5.50 and N1.20, in that order, to close at N121 and N38.80 per share.

The insurance sub-sector maintained its lead on the sectoral analysis, trading 557.290 million shares, worth N519m in 1,368 deals. It accounted for 68 per cent of total volume.

Turnover in the sub-sector was boosted by the shares of Investment and Allied Assurance Plc, which accounted for 91 per cent of the sub-sector?s volume.

Investors in the banking sub-sector staked N3.013bn on 185.427 million shares in 5,288 transactions. The sub-sector?s trading accounted for 23 per cent of total turnover on Monday.

In all, a total of 823.782 million shares, valued at N4.440bn were traded on Monday in 10,587 deals as against 491.715 million shares, valued at N4.164bn exchanged last Friday, in 10,298 transactions.

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CHEVRON HITS N300 MARK AS INDEX DIPS
« on: August 19, 2008, 07:25:47 PM »

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