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Stock Market weekly analysis: Transactions drop by N9.37 bn shares

The Banking sub-sector was the most active during the week (measured by turnover volume), with 5.95 billion shares worth N63 billion exchanged by investors in…

The Banking sub-sector was the most active during the week (measured by turnover volume), with 5.95 billion shares worth N63 billion exchanged by investors in 130,384 deals. Volume in the Banking sub-sector was largely driven by activity in the shares of United Bank for Africa Plc, Guaranty Trust Bank Plc, Access Bank Plc, First Bank of Nigeria Plc and Zenith Bank Plc. Trading in the shares of the five banks accounted for 2.75 billion shares, representing 46.3 per cent of the subsector’s turnover.

The Insurance sub-sector, boosted by activity in the shares of Goldlink Insurance Co. Plc and AIICO Insurance Plc, followed on the week’s activity chart with a turnover of 2.56 billion shares valued at N2.54 billion in 23,934 deals.

Last week, the Banking subsector led on the activity chart and was followed by the Insurance sub-sector.

The All-Share Index dropped by 3.64 per cent to close on Friday at 26,100.64. The market capitalization of the 195 First -Tier equities closed lower at N5.983 trillion agaist N6.18 trillion recorded in the preceding week. Also, The NSE-30 Index dropped by 2.09 per cent to close at 898.64.

All the four sectoral indices depreciated – The NSE Food/Beverages Index dropped by 3.16 per cent to close at 496.12. The NSE Banking Index dropped by 5.87 per cent to close at 429.82. The NSE Insurance Index dropped by 0.56 per cent to close at 368.17. The NSE Oil/Gas Index dropped by 5.58 per cent to close at 380.72.

Twenty stocks appreciated in price during the week, lower than the 70 in the preceding week. Guinness Nigeria Plc led on the gainers’ table with a gain of N10.91 to close at N135.97 per share while Nigerian Bottling Company Plc followed with N3.53 to close at N26.02 per share. Other price gainers include UACN Property Dev. Co. Plc N1.11, BOC Gases Plc N0.75, Glaxo Smithkline Consumer Plc – N0.45, Cutix Plc N0.34, RT Briscoe (Nig) Plc – N0.33, Niger Insurance Co. Plc – N0.30.

At least 91 stocks depreciated in price during the week, higher than the 46 recorded in the preceding week. Total Nigeria Plc led on the price losers table, dropping by N8.75 to close at N166.25 per share while Oando Plc followed with a loss of N8.39 to close at N83.50 per share. Other price losers in the week were Nestle Nigeria Plc N7.00, Mobil Oil Nigeria Plc N6.16, African Petroleum Plc N5.03, UAC of Nigeria Plc – N4.27, Benue Cement Company Plc N3.60, Chemical & Allied Products Plc N1.71

Four equity prices were adjusted for dividend and/or bonus as recommended by the Board of Directors. Benue Cement Company Plc was adjusted for bonus of 1 for 4. Chams Plc was adjusted for a dividend of N0.03 per share. Abbey Building Society Plc was adjusted for a dividend of N0.03 per share. Smart Products Nigeria Plc was adjusted for a dividend of N0.06 per share while African Petroleum Plc was adjusted for a dividend of N5.20 per share.

New Listings

Two new companies were admitted on the Daily Official List by way of Introduction – The 4,200,000,000 shares in favour of eTranzact International Plc were admitted at a price of N4.80 per share. The company was listed in the Information Communication and Telecommunication subsector. Also, the 400,000,000 shares in favour of Portland Paints & Products Nigeria Plc were admitted at a price of N10.00 per share. The company was listed in the Chemical & Paints subsector. By this action, the number of listed companies and securities increased to 210 and 297, respectively.

A total of 783,105,469 shares were added to the shares outstanding in the name of Benue Cement Co. Plc on July 6, 2009 following the bonus of 1 for 4. Also, a total of 52,094,578 shares were added to the shares outstanding in the name of Afribank Nigeria Plc on July 10, 2009 being supplementary allotment from the Public Offering.