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Investors sustain interest in banks stocks
February 1, 2010

Investors‘ sustained their appetite for the stocks of banks last week, as the sub-sector maintained its position as the most active in volume terms, with 1.3billion shares valued at N10.35bn, in 17,691 deals.

Transactions in the sub-sector were enhanced major trading in the shares of Zenith Bank Plc and First Bank of Nigeria Plc, which accounted for 517.6million shares, representing 39.85 per cent of the sub-sector‘s turnover.

The insurance sub-sector trailed banking in volume terms, with 253million shares worth N242.74m, boosted by activity in the shares of Goldlink Insurance Plc and International Energy Insurance Plc.

In the review period, a turnover of 2.32 billion shares valued at N14.15bn changed hands, down from th 2.35 billion shares worth N11.8bn traded the previous week.

The NSE All-share Index appreciated by 2.56 per cent to close at 22,594.90, while the market capitalisation closed higher at N5.44tn and the NSE-30 Index appreciated by 1.7 per cent to close at 891.25

Two of the four sectoral indices appreciated last week, as the NSE Food/Beverages Index appreciated by 1.7 per cent to close at 596.22 and the NSE Banking Index appreciated by 4.73 per cent to close at 374.27.

However, the NSE Insurance Index depreciated by 1.55 per cent to close at 233.19 and the NSE Oil/Gas Index depreciated by 0.05 per cent to close at 298.31.

Price gains outweighed losses, as 62 stocks recorded price appreciations, higher than 58 in the preceding week, led by Glaxo Smithkline Consumer Plc, which garnered 473kobo to close at N26.74 per share, while Lafarge WAPCO Cement Plc followed with 400kobo to close at N34 per share.

Ashaka Cement Plc, Nigerian Bottling Company Plc and Guaranty Trust Bank Plc, also added 177kobo, 130kobo and 127kobo respectively.

On the other hand, 33 stocks recorded price depreciation last week, lower than 46 the preceding week, led by Nigerian Breweries Plc, with 390kobo, closing at N54.15, while Alumaco Plc followed with 230kobo loss to close at N21.47.

Punch Newspaper

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