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Petroleum marketing, food/bev. stocks led the bear

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November 11, 2005/Source The Guardian



Significant price losses by highly capitalised companies in the equities sector of the Nigerian Stock Exchange, coupled with losses by some food/beverages sub-sector stocks caused the All-shares index to slide slightly further yesterday.

The volume of shares traded also plunged as 72.98 million shares worth N838 million changed hands down from 146 million shares worth N1.4 billion exchanged the preceding day.

Specifically, the index fell marginally from 25,690.36 points at which it close at 25,690.29 points yesterday, while market capitalisation fell by N9 billion from N2.560 trillion to N2.551 trillion.

Total Nigeria Plc led the bears, down by 700 kobo to close at N193 per share, while Oando Plc, Ashaka Cement Plc and Flour Mills of Nigeria Plc lost 302 kobo, 141 kobo and 120 kobo to close at N101.98, N32.10 and N23.75.

On the other hand, Nigeria Bottling Company Plc (NBC) led the price gainers\' chart up by 298 kobo to close at N68.98, while Guinness Nigeria Plc, Julius Berger Plc and Nestle Nigeria Plc added 150 kobo, 107 kobo and 95 kobo to close at N102.50, N22.57 and N191.

Further review of yesterday\'s transactions indicated that the banking sub-sector remained the most active in volume terms with 50.5 million shares worth N498.24 million, while the insurance sub-sector and petroleum marketing sub-sectors followed with 7.5 million shares worth N15.4 million and 2.7 million shares valued at N63.4 million respectively.

A breakdown of the banking sub-sector indicated that Guaranty Trust Bank Plc traded the highest volume with 12.3 million shares worth N150.18 million, while UBA Plc followed with 8.74 million shares worth N126.83 million.

In the insurance sub-sector, Cornerstone Insurance Plc traded the highest volume with 3.12 million shares worth N5.6 million, while Standard Alliance Insurance Plc followed with 1.28 million shares worth N2.14 million.

Eterna Oil & Gas Plc was the most active stock in the petroleum marketing sub-sector with 1.84 million shares worth N3.93 million, while Oando Plc followed with 431,619 shares worth N44.43 million.

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