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Ecobank injects N26bn into subsidiaries

The bank in a notice sent to the Nigeria Stock Excahnge (NSE) during the week said the loans are meant to provide 18 Ecobank subsidiaries…

The bank in a notice sent to the Nigeria Stock Excahnge (NSE) during the week said the loans are meant to provide 18 Ecobank subsidiaries with additional capital to strengthen their balance sheets and boost competitiveness.

It would also allow ETI to continue to positively contribute to the African economy by increasing the levels of credit available to businesses and households and at the same time generate long-term value for its shareholders. The investment from IFC would strengthen Ecobank’s capital base and enable the bank to consolidate and expand its operations and translate its new scale and footprint into value for its customers.

However, a turnover of 1.51 billion shares worth N9.82 billion in 29,134 deals was recorded this week, in contrast to a total of 1.6 billion shares valued at N13.7 billion exchanged last week in 29,354 deals. This included a total of 5,000 units of Lagos State Fixed Rate Redeemable Bond worth N5 million. The Banking subsector was the most active during the week (measured by turnover volume), with 625.95 million shares worth N5 billion exchanged by investors in 15,534 deals. Volume in the Banking subsector was largely driven by activity in the shares of Zenith bank Plc, Afribank Nigeria Plc and First Bank of Nigeria Plc. Trading in the shares of the three Banks accounted for 270.73 million shares, representing 43.25% and 18.0% of the subsector’s turnover and total volume traded during the week, respectively. The Conglomerates subsector, boosted by activity in the shares of Transnational Corporation of Nigeria Plc, followed on the week’s activity chart with a turnover of 162.63 million shares valued at N148.84 million in 1,518 deals. Last week, the Banking subsector led on the activity chart and was followed by the Insurance subsector.

Price Movement: The NSE All-Share Index appreciated by 237.34 points or 0.96 per cent to close on Friday at 24,846.64 while the market capitalization of the 199 First -Tier equities closed higher at N6.08 trillion. Also, The NSE-30 Index appreciated by 10.02 points or 0.98 per cent to close at 1,032.98. Last week, ASI and NSE-30 Index depreciated by 2.5 per cent and 2.4 per cent, respectively. Two of the four sectoral indices appreciated during the week. The NSE Banking Index appreciated by 4.53 points or 1.23 per cent to close at 375.70 while the NSE Insurance Index appreciated by 0.21 points or 0.16 per cent to close at 182.56. However, the NSE Food/Beverage Index depreciated by 4.37 points or 0.54 per cent to close at 801.44 while the NSE Oil/Gas index depreciated by 13.44 points or 3.35 per cent to close at 391.94.

Meanwhile, 37 stocks appreciated in price during the week, higher than the 20 of the preceding week. Flour Mills of Nigeria Plc led on the gainers’ table with a gain of N8.00 to close at N76.00 per share while Nigerian Breweries Plc followed with N3.72 to close at N65.46 per share. Other price gainers include Julius Berger Nigeria Plc  with N2.75, Lafarge WAPCO Cement Nigeria Plc – N1.79, Chemical & Allied Products Plc – N1.50, Nigerian Bottling Company Plc – N1.30, Glaxo Smithkline Consumer (Nig) Plc – N1.17, Nestle Nigeria Plc – N1.00, First Bank of Nigeria Plc – N0.80 and Ecobank Nigeria Plc – N0.77

Also, 49 stocks depreciated in price during the week, lower than the 64 of the preceding week. Guinness Nigeria Plc led on the price losers’ table, dropping by N4.00 to close at N162.00 per share while Oando Plc followed with a loss of N4.00 to close at N70.00 per share. Other price losers include Total Nigeria Plc with N3.94, African Petroleum Plc – N2.71, Dangote Sugar Refinery Plc – N1.36, MRS Oil Nigeria Plc – N1.25, Costain (WA) Plc – N1.05, Ashaka Cement Plc – N0.97, Cadbury Nigeria Plc – N0.82 and Stanbic IBTC Bank Plc – N0.69

Six equity prices were adjusted for dividend and/or bonus as recommended by the Board of Directors. . MRS Oil Nigeria Plc was adjusted for dividend of N1.25 per share. Goldlink Insurance Plc was adjusted for dividend of N0.02 per share. Dangote Sugar Refinery Plc was adjusted for dividend of N1.00 per share. First City Monument Bank Plc was adjusted for dividend of N0.05 per share. Fidelity Bank Plc was adjusted for dividend of N0.025 per share. Ashaka Cement Plc was adjusted for bonus of 1 for 8. In the same vain, a total of 248,828,125 shares were added to the shares outstanding in the name of Ashaka Cement Plc on Monday, July 12, 2010 following the bonus of 1 for 8.


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