Mobil, NB Plc, 7-Up checkmate bears


November 24, 2005/Source The Punch




A rise of 4.8 per cent in the share price of Mobil Oil Nigeria Plc, 4.9 per cent each growth in Nigerian Breweries Plc and Seven-Up Bottling Company Plc, checked the activities of the bears at the stock market on Thursday.


The Nigerian Stock Exchange All-Share Index and market capitalisation lost significant points between Tuesday and Wednesday when the bears resurfaced in the market.


But the gains by the leading companies led to a marginal drop of 0.07 from 25,267.71 to close at 25,267.64. Market capitalisation rose from N2.509trillion to N2.544trillion due to the listing of the shares of Prudent Bank Plc on the NSE.


Mobil Oil Nigeria Plc led the price gainers with 750kobo to close at N162.50, while Nigerian Breweries Plc, Seven-Up Bottling Company Plc and Conoil Plc chalked up 228kobo, 130kobo and 100kobo, respectively.


In all, 24 stocks appreciated while 32 shed weight. The price losers were led by Oando Plc led the price losers with 334kobo to close at N96.21. Cadbury Nigeria Plc and Julius Berger Nigeria Plc dipped by 200kobo and 97kobo, respectively.


Other top price losers included Okomu Oil Palm Plc (90kobo), Texaco Nigeria Plc (66kobo), Presco Plc (64kobo), Nigerian Bottling Company Plc (51kobo) and Northern Nigeria Flour Mills Plc (50kobo).


Investors traded a total of 118.878million shares worth N1.179billion in 4,917 on deals on Thursday as against 102.645million shares valued at N1.019billion exchanged in 4,161 deals on Wednesday.


Meanwhile, investors who bought the shares of Prudent Bank Plc in its last Initial Public Offer will start to receive their certificate. The Managing Director of the bank, Mr. Akinsola Akinfemiwa, disclosed this on Thursday during the listing of the shares on the NSE in Lagos. The shares which were listed at N2 per share appreciated by the maximum five per cent to close at N2.10.


He said that the listing was part of strategies to evolve into Skye Bank along with EIB International Bank Plc, Cooperative Bank Plc, Bond Bank Nigeria Limited and Reliance Bank Plc.



“We congratulate our shareholders for taking the right decision of putting their money in our bank. Investing in Prudent Bank is a wise decision as the rate of return of the bank is assured given the vision of the board of directors and commitment of staff,” Akinfemiwa said.

Related News