Banking Stocks Lift NSE’s Turn-Over

Investors’ interest in the shares of some banks, especially Union Bank of Nigeria Plc, yesterday, lifted the volume of shares traded on the floor of the Nigerian Stock Exchange (NSE), as 527.4 million shares, worth N3.6 billion changed hands in 5,204 deals, up from 254.6 million units, valued at N2.1 billion, exchanged in 6,417 deals, on Tuesday.

Accounting for the bulk of transactions yesterday, the banking sub-sector exchanged 335.5 million shares worth N2.5 billion in 2,785 deals, followed by the construction sub-sector with 50.2 million units, worth N34.1 million in 39 deals, while the insurance sub-sector ranked third with a traded volume of N45.5 million units worth N37.7 million in 235 deals.

A review of activities in the sub-sectors showed that the volume in the banking sub-sector was lifted by 153.3 million shares of Union Bank Plc, worth N754.1 million, while First Bank of Nigeria Plc’s 519 million units, worth N663.9 million, followed in 692 deals.

For the construction sub-sector, 50 million shares of Multiverse Plc worth N25 million, buoyed volume in the sub-sector in three deals.

Similarly, 20 million shares of Great Nigeria Insurance Plc worth N10 million, enhanced the volume in the sub-sector, followed by Goldlink Insurance Plc’s 13.1 million units valued at N8.2 million in 25 deals.

With 33 companies that suffered price depreciation compared to 25 on the gainers’ chart, the All-Share Index closed lower at 25,074.85, 95.46 points down from 225,170.31 recorded in the previous day, while market capitalisation depreciated by N24 billion or 0.39 per cent, from N6.129 trillion to N6.150 trillion.

Further analysis of yesterday’s transactions showed that Benue Cement Company Plc topped the losers’ table with 101 kobo, to close at N61.00 per share, while Ashakacement plc followed with 97 kobo to close at N18.43 per share. First Bank of Nigeria Plc, May & Baker Nigeria Plc, Vitafoam Plc, Honeywell flourmills Plc shed 44 kobo, 34 kobo, 33 kobo and 31 kobo to close at N12.75, N6.60, N7.00, N7.00 per share respectively.

Ecobank Nigeria Plc, National Salt Company of Nigeria plc, AG Leventis Plc, Dangote Sugar Refinery Plc, Fidson HealthCare Plc, Starcomms plc, Sterling Bank Plc, Oceanic Bank Plc, Stanbic IBTC Plc, Bank PHB Plc, UTC Plc and Nigerian Bags Manufacturing Plc also lost 19 kobo, 19 kobo, 18 kobo, 12 kobo, 10 kobo, 10 kobo, nine kobo, eight kobo, seven kobo, seven kobo, six kobo and four kobo to close at N3.88, N7.51, N3.61, N20.85, N3.11, N1.90, N1.89, N1.61, N9.50, N1.47, N1.20 and N2.55 per share respectively.

On the other hand, Guinness Nigeria Plc led others on the gainers’ chart with 151 kobo, to close at N160.02 per share, while Nigeria Bottling Company Plc followed, adding 145 kobo to close at N31.45 per share.

UPL Plc, C and I Leasing Plc, Access Bank Plc, Berger Paints Plc, Custodian & Allied insurance Plc, Ecobank Transnational Incorporated Plc, Guaranty Trust Assurance Plc, Intercontinental Bank Plc, Eternaoil Plc, Fidelity Bank Plc And Niger Insurance Plc added 38 kobo, 14 kobo, 14 kobo, 13 kobo, 11 kobo, 10 kobo, nine kobo, six kobo, five kobo, five kobo, five kobo and four kobo to close at N8.15, N3.02, N8.35, N6.40, N3.60, N17.00, N2.36, N1.61, N7.15, N1.15, N2.42 and N0.95 per share respectively.