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Banking stocks lift volume on the Exchange
September 3, 2009

- Cement firm posts N1b profit

Transactions at the equity sector of the Nigerian Stock Exchange (NSE) closed on a moderate note yesterday, buoyed by heavy trading in the shares of Zenith Bank Plc, as 609 million shares, worth N3.8 billion, changed hands in 6,370 deals, higher than 367 million units, valued at N2.3 billion exchanged in 6,460 deals, on Tuesday.

Meanwhile, Cement Company of Northern Nigeria Plc has posted N1.1 billion profit after tax in its audited result for the half year June 30, 2009, as against N610.8 million recorded in 2008. The company's turnover also increased from N4.3 billion in 2008 to N6.5 billion in 2009.

Net assets also grew from N3.6 billion in 2008 to N4.5 billion in 2009. Based on this, the company is proposing a dividend of 80 kobo per share.

Price losses, however, outweighed gains on the trading floor of NSE, causing market indices to drop further by 0.74 per cent.

With transactions done in 3,402 deals, the banking sub-sector traded 308.4 million shares, valued at N2.9 billion.

The insurance sub-sector traded 51.3 million units, worth N56.1 million in 458 deals.

The information communication and telecommunication sub-sector featured with 21.9 million shares, worth N56.4 million in 92 deals.

Trading in the banking sub-sector was energised by activities in the shares of Zenith Bank Plc, which traded 84.7 million shares, worth N970.2 million, in 337 deals, while Guaranty Trust Bank Plc followed with 71.2 million units, valued at N938.9 million in 507 deals.

Custodian and Allied Insurance Plc dominated in volume terms in the insurance sub-sector with 11.4 million shares, valued at N27.9 million in 71 deals, while Universal Insurance Plc followed with 10.2 million units, valued at N5.1 million in nine deals.

The information communication and telecommunication sub-sector was energised by activities in the shares of Starcomms Nigeria Plc, which traded 20.4 million shares, worth N55.3 million, in 63 deals.

On the price movement chart, 19 stocks appreciated in the price, led by Guinness Nigeria Plc with 648 kobo to close at N136.15 per share. Benue cement company Plc followed, adding 100 kobo, to close at N40.00 per share. Unilever Plc, Cement Company of Northern Nigeria Plc, Longman Plc, Access Bank Plc and First Bank of Nigeria Plc added 70 kobo, 47 kobo, 40 kobo, 26 kobo, and 26 kobo, to close at N14.72, N9.89, N8.40, N7.16, and N14.25 per share

On the other hand, Oando Nigeria Plc topped the day's losers, shedding 25 kobo to close at N91.50 per share, while Conoil Plc followed, shedding 210 kobo, to close at N43.50 per share.

Flourmill Plc, Nigeria Bottling Company Plc, GlaxoSmithKline Plc, Julius Berger Plc, West African Portland Company Plc, UAC Properties Plc also lost 117 kobo, 115 kobo, 101 kobo, 100 kobo, 100 kobo and 76 kobo, to close at N22.33, N21.85, N19.20, N22.00, N30.00 and 14.49 per share.

Other losers include UBN Plc, Ashaka Cement Plc, 7Up Plc, African Petroleum Plc, Ecobank Transnational Plc, Afribank Plc, Guaranty Trust Bank Plc, Standbic IBTC Plc, Oceanic Bank Plc, shedding 59 kobo, 45 kobo, 40 kobo, 40 kobo, 39 kobo, 26 kobo, 25 kobo, 23 kobo, and 23 kobo, to close at N11.38, N10.90, N27.10, N42.00, N13.50, N4.96, N13.00, N6.85 and N4.47 per share.

The Guardian Newspaper, Thursday September 03,2009.
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