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Petroleum marketing stocks depress indices


June 22, 2005/Source The Guardian



Equities trading on the floor of the Nigerian Stock Exchange (NSE), yesterday continued on a bearish note as petroleum marketing stocks continued to record heavy share price losses thus causing market indices to slide further by 0.4 per cent.

The few share price gains made by other companies were not enough to pull the indices up as price losses continued to outweigh gains.

At the close of trading yesterday the All-share index dropped by 87.28 points from 21,889.73 points at which it closed on Monday to 21,793.45 points yesterday while market capitalisation decreased by N7 billion from N1.913 trillion to N1.706 trillion.

However, a total of 63.9 million shares worth N906.9 million were exchanged in 4,358 deals by investors yesterday, higher than 57.9 million shares valued at N700.6 million which was traded in 3,519 deals on Monday.

Total Nigeria Plc led the losers\' chart by 874 kobo to close at N166.26 per share followed by Conoil Plc with 200 kobo to close at N118.00 per share.

Ashaka Cement Plc, Texaco Nigeria Plc and Guinness Nigeria Plc each shed 123 kobo, 110 kobo and 99 kobo to close at N23.56, N123.40 and N89.00 respectively.

On the gainers\' chart, Julius Berger Nigeria Plc led the chart, up by 63 kobo to close at N17.50 per share followed by Presco Plc with 48 kobo to close at N10.24 per share.

PZ Industries Plc ranked third with a gain of 44 kobo to close at N13.00 per share while First Bank of Nigeria Plc added 43 kobo to close at N30.99 per share.

On the activity chart, the banking sub-sector remained the most active in volume terms, accounting for 45.3 million shares worth N566.8 million in 1,723 deals followed by the healthcare sub-sector with 2.7 million shares valued at N16 million while the breweries sub-sector exchanged 2.6 million shares
worth N92 million in 598 deals.

Further analysis of activities in the banking sub-sector showed that the sub-sector\'s volume was energised by activity in the shares of Diamond Bank Plc which traded 20 million shares worth N155.3 million followed by First Bank of Nigeria with 9.9 million shares valued at N304.4 million in 699 deals.

Activity in the shares of Glaxo SmithKline Consumer Plc of the healthcare sub-sector, accounted for 1.4 million shares worth N11.4 million of the sub-sector\'s volume while, Nigerian Breweries Plc of the breweries sub-sector sold 2.3 million shares valued at N65.3 million to boost the sub-sector\'s volume.

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