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Banking Subsector Records 404.6% Growth

Posted by By Jerome Ushakang and Eromosele Abiodun on 2005/07/18 | Views: 356 |

Banking Subsector Records 404.6% Growth


The volume of traded shares in the banking subsector yesterday rose by 404.6 per cent or 112.9 million ordinary shares.

The volume of traded shares in the banking subsector yesterday rose by 404.6 per cent or 112.9 million ordinary shares.

At the close of transactions, the banking subsector recorded a turnover of 140.8 million ordinary shares valued at N740.3 million executed in 1,400 deals, compared with 27.9 million ordinary shares worth N179.3 million exchanged in 1, 580 deals.

The highest volume of traded shares in the subsector was driven in part by activity in the shares of Investment Banking and Trust Company Plc.
Trading on the shares of the bank accounted for 125 million ordinary shares representing 87.2 per cent of the subsector's turnover.

However, the activity chart of the Nigerian Stock Exchange (NSE) showed that the market capitalisation declined by N4 billion from N1.889 trillion recorded last Friday to N1.885 trillion, while the all-share dropped by 0.23 per cent to close at 21,555.48, in contrast to 21,605.72 points recorded last Friday.

Meanwhile, the market turnover of the NSE increased by 116.9 million ordinary shares or 265 per cent. It closed at 161.0 million ordinary shares valued at N1.024 billion made in 3,379 deals, as against 44.1 million ordinary shares worth N397.9 million executed in 3,638 deals.

The price movement chart of the NSE showed that 22 stocks appreciated in their prices. GlaxoSmithKline Consumer Plc topped the price gainers' chart with 39 kobo gain to close at NN8.34 per share.

Other top price gainers included Okomu Oil palm Plc (31 kobo), RT Briscoe Plc (20 kobo), May and Baker Nigeria Plc (18 kobo), Beta Glass Company Plc (15 kobo), Royal Exchange Assurance Plc (13 kobo), Vitafoam Nigeria Plc (10 kobo), Nigerian Breweries Plc (6 kobo), Intercontinental Bank Plc and Zenith Bank Plc (5 kobo apiece).

However, the prices of 29 stocks fell. Texaco Nigeria Plc led on the price losers' chart. It lost N2.65 to close at N117.15 per share.

Other top price losers were: Total Nigeria Plc (N1.75), Mobil Oil Nigeria Plc (N1.70), Guinness Nigeria Plc (N1.50), Julius Berger Nigeria Plc (78 kobo), 7Up Bottling Company Plc (50 kobo), Ashaka Cement Plc (37 kobo), Oando Plc (32 kobo), P Z Industries Plc (25 kobo) and UACN Property Development Company Plc (18 kobo).



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Comments (3)

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Abieyuwa(Edo, Nigeria)says...

Otasowie means evening life is better than morning life. There is an error in your “evening life is better than evening life”?

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Naija g(Houston, Minnesota, US)says...

Sokari doesn’t mean joy. Joy is Biobela. Go to the village and ask the meaning of the name.

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Fay(Katy, Texas, US)says...

Actually translates to bravehearted.