Nigeria Content Online

The marginal gains
in market capitalisation recorded on Tuesday at the Nigerian Stock
Exchange (NSE), continued at the close of Wednesday’s trading as 1.09
per cent recovery was made.

The NSE market
capitalisation closed yesterday at N5.556 trillion from Tuesday’s
figures of N5.495 trillion, reflecting a N60.116 billion gain. The
market had gained N5.291 billion or 0.1 per cent on Tuesday.

The All-Share Index
also gained 1.09 per cent or 245.34 units on Wednesday, up from
22,429.09 basis points to close at 22,674.43.

Analysts at
Resource Cap, a portfolio management firm, said, “The market is
recording gains, even though marginal, after six days of bearish
(downward) performances because some portfolio managers are gradually
returning to invest in some blue chips equities.”

However, they said
the sustainability of the current positive trend remains uncertain as
investors’ confidence in the market, generally, is still on the low ebb.

Most active subsectors

The Banking
subsector, yesterday, led on the most active subsector table with
151.550 million shares valued at N1.405 billion. The volume in the
subsector was driven by shares of Guaranty Trust Bank, First Bank,
Access Bank, Zenith Bank, and Skye Bank. The five banks were also the
most traded stocks on Wednesday.

The Insurance
subsector followed in the activity chart with 30.773 million shares
worth N23.052 million. The volume in this subsector was largely boosted
by shares of Intercontinental Wapic Insurance, Aiico Insurance, and
Continental Reinsurance.

The food/beverages
subsector was third in the chart with investors exchanging 6.598
million shares worth N82.202 million. Dangote Sugar Refinery, Dangote
Flour Mills, and Tantalizers drove the subsector’ volume.

Gainers increase

The number of
stocks that gained at the close of trading session on Wednesday closed
higher at 40, as against 20 stocks recorded previous day while losers
closed lower at 18, compared with the 35 recorded on Tuesday.

Oando Oil and
Cadbury Nigeria topped the price gainers’ chart with an increase of
N2.76 and N1.15 on their opening prices of N55.50 and N23.02 per share
respectively. Unilever Nigeria and Nigerian Breweries followed in the
chart with an increase of N1.10 and N1.03, to close at N24.20 and
N71.03 per share.

On the flip side,
Ashaka Cement and Chellaram topped the chart with a decrease of 66 kobo
and 42 kobo, to close at N21.00 and N8.08 per share. Julius Berger and
First City Monument Bank followed on the list with a decrease of 40
kobo and 28 kobo respectively, on their opening prices of N8.06 and
N5.75 per share.

At the NSE floor
yesterday, Chams released its audited report for the year ended
December 2009. The company posted a negative turnover of 58.81 per cent
and negative profit after tax of 1,588.43 per cent.

Ikeja Hotels, in
its first quarter unaudited results for the year, recorded turnover
growth by 5.20 per cent and negative profit after tax of 12.35 per
cent. The company, in its second quarter results, also recorded
turnover growth by 8.04 per cent and positive profit after tax of 44.73
per cent.