Nigeria Content Online

The value of
equities at the Nigerian Stock Exchange (NSE) improved marginally
yesterday as 0.03 per cent recovery was made on the market measuring
indices.

The NSE market capitalisation closed at N5.988 trillion from Tuesday’s figures of N5.986 trillion, reflecting N2 billion gains.

The market had gained N55 billion or 0.93 per cent on Tuesday.

The All-Share Index also gained 0.03 per cent or 9.17 units yesterday, up from 24,430.20 basis points to close at 24,439.37.

The NSE sectoral
indexes recorded mixed sentiments as the NSE-30 Index, which basically
measures the performance of blue chips in the market, dropped by 0.71
per cent. The Food/Beverages subsector gained the highest points by
1.80 per cent; the Insurance gained 1.57 per cent, followed by the
banking sector which reclined by 0.64 per cent while the Oil/Gas
subsector closed flat.

David Adonri, chief
executive officer of Lambert Trust and Securities Company Limited, a
stock broking firm, said the market performance has been “improving
because some investors are beginning to return to the banking sector”
which usually drives market activities.

Mr Adonri said
investors’ confidence in the sector “is not unconnected with the recent
victory the Central Bank had over Oceanic bank.”

Low volume, high value

At the close of
yesterday’s trading, a total of 268.36 million shares valued at N2.654
billion were traded in 5,903 deals as against the 274.82 million shares
worth N2.508 billion exchanged in 5,716 deals on Tuesday.

The banking
subsector maintained its lead on the most active subsector chart
yesterday with 198.59 million shares worth N1.65 billion traded. The
shares of Access, United Bank of Africa,

Diamond, First Bank, and Guaranty Trust were the most active in the subsector in terms of volume.

The Insurance
subsector followed, trading 17.12 million shares valued at N18.44
million. Transactions in the subsector were largely driven by the
shares of Continental Reinsurance which accounted for 60 per cent of
the subsector’s volume.

The Food/Beverages subsector came third with investors trading 10.21 million shares valued at N249.60 million.

Investors in Dangote Flourmill and Cadbury enhanced activities in the subsectors in terms of volume.

More gainers The
prices of 32 equities appreciated in value on Wednesday while 24
depreciated. Nestle led the price gainers, appreciating by N17.95 to
close at N377.05 per share. Cadbury gained N1.43 to close at N30.32 per
share while African Petroleum grew by N1.26 to close at N26.53.

UACN topped the
price losers’ chart, depreciating by N2.58 to close at N75.55 per
share. Conoil shed N1.96 to close at N37.39 per share while Nigerian
Bottling Company lost 99 kobo to close at N34.01 per share.

Meanwhile, Custodian and Allied Insurance yesterday notified the
Exchange that the closure date for the payment of its interim dividend
of six kobo is October 14, while the payment of the dividend will
commence on October 20.