This displacement of the banking sub-sector by the insurance sub-sector may however be attributed to the on-going controversy raging in the banking sub-sector.

Specifically, at close trading yesterday, the insurance sub-sector dominated in volume terms with 146.8 million shares, worth N154.6 million in 560 deals. The banking sub-sector followed with 139.2 million units, valued at N1 billion in 2,395 deals.

The food/beverages and tobacco sub-sector ranked third on the list with 7.3 million shares, worth N265.2 million in 331 deals.

The insurance sub-sector was boosted by activities in the shares of Standard Alliance Insurance Plc, which traded 113.8 million shares, worth N129.8 million in 62 deals while AIICO Insurance Plc followed with 8 million shares, worth 6.9 million in 230 deals.

Access Bank Plc dominated in volume terms in the banking sub-sector with 28.2 million shares, valued at N149.6 million in 145 deals while First City Monument Bank Plc followed with 23.5 million units worth N131.8 million in 60 deals.

Dangote Sugar Refinery Plc strengthened activities in the food/beverages tobacco sub-sector with 4.3 million shares, worth N62.1 million in 122 deals.

Precisely, corporate performance indices, the All-share index of the Nigeria Stock Exchange (NSE) dropped by 404.99 points or 1.8 per cent from 22,580.23 recorded on Wednesday to 22,175.24, while market capitalisation fell by N93 billion or 1.8 per cent from N5.1 trillion to N5 trillion.

On the price movement chart, only seven stocks appreciated in price, while 61 recorded price depreciation. Guinness Nigeria Plc led the bulls up with 610 kobo, to close at N142.10 per share. UACN Plc followed, adding 135 kobo, to close at N36.60 per share.

CCNN Plc, PZ Cussons Plc, Union Diagnostics and Chemical Plc and FTN Cocoa Processing Plc also added 42 kobo, 40 kobo, 3 kobo and 2 kobo, to close at N8.95, N2.42, N0.80 and N0.69 per share.

On the losers' chart, Nestle Nigeria Plc topped the day's highest price loser, shedding 798 kobo, to close at N197.02 per share, while Flourmill Plc followed, shedding 102 kobo, to close at N19.50 per share.

Betagalss Plc, Eternal Oil, Oando Nigeria Plc, Dangote Sugar Refinery Plc, West African Portland Company Plc featured, shedding 96 kobo, 88 kobo, 86 kobo, 85 kobo, 65 kobo and 59 kobo, to close at N18.42, N16.85, N35.70, N86.00, N14.10 and N30.01 per share.

Other major losers' of yesterday's transactions include - First Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, Nigerian Aviation Handling Company Plc (NAHCO), UPL Plc, Dangote Flour Plc, Diamond Bank Plc and First City Monument Bank Plc, dropping 58 kobo, 56 kobo, 53 kobo, 40 kobo, 33 kobo, 29 kobo, and 29 kobo, to close at N12.82, N10.64, N10.11, N7.67, N6.32, and N5.65 and N5.61 per share.

The Guardian Newspaper, Friday August 21 2009.