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Banking Stocks Decline By 36.9%

Posted by by Jerome Ushakang on 2005/10/05 | Views: 335 |

Banking Stocks Decline By 36.9%


The volume of shares traded in the banking subsector yesterday declined by 40.1million ordinary shares representing 36.9 per cent of the subsector's turnover.

The volume of shares traded in the banking subsector yesterday declined by 40.1million ordinary shares representing 36.9 per cent of the subsector's turnover.

Trading results released by the Nigerian Stock Exchange (NSE) showed that the banking subsector recorded a turnover of 68.4 million ordinary shares valued at N899.9 million executed in 2,087 deals.

This was in contrast to a total of 108.5 million ordinary shares worth N640 million exchanged in 2,136 deals the previous week.

The high volume of shares traded in the banking subsector was largely driven by activities in the shares of Intercontinental Bank Plc and First Bank of Nigeria Plc.

Trading on the shares of the two banks accounted for 36.4 million ordinary shares representing 53.2 per cent of the subsector's turnover.

According to the trading results, the NSE recorded a market turnover of 108.5 million ordinary shares valued at N1.852 billion executed in 4,402 deals compared with 131.6 million ordinary shares worth N4.525 billion made in 4,500 deals, recorded the previous week, indicating a drop of 23.1million ordinary shares or 17.5 per cent.

Meanwhile, the market capitalisation decreased by N5 billion representing 0.21per cent of the total market value. The Exchange recorded a market capitalisation of N2.357 trillion as against N2.362 trillion the previous week. Similarly, the all-share index fell by 0.21 per cent, from 24,635.91 to 24,582.73 points.

The price movement chart of the NSE revealed that 32 stocks appreciated in their prices. Nestle Nigeria Plc led the price gainers with 99 kobo gain to close at N181.99 per share.

Other top price gainers in the top ten category included West Africa portland Company Plc (65kobo),Cadbury Nigeria Plc and Oando Plc (51kobo each), UAC N Property Development Company Plc (33kobo),
P Z Industries Plc (30kobo), UACN Plc (22kobo), May and Baker Nigeria Plc (21kobo), Texaco Nigeria Plc and Cutix Plc (20kobo each).
However, the prices of 22 stocks dwindled. Ashaka Cement Plc led on the price losers'chart dropping by N1.15 to close at N31.85 per share.

Other top price losers' in the top ten category were: Union Bank of Nigeria Plc (93kobo), Julius Berger Nigeria Plc (63 kobo), Guaranty Trust Bank Plc (36kobo), Nigerian Bottling Company Plc (30kobo), Cement Company of Northern Nigeria Plc (27kobo), RT Briscoe Plc and GlaxoSmithKline Consumer Plc (20 kobo each), Chemical and Allied Products Plc and Royal Exchange Assurance (15kobo each).


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