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 Daily
Independent Online.
* Monday, July 05, 2004.
Last week on
the stock market
Stories by
Esan Sunday
Senior Finance
Correspondent, Lagos
Investors last week were
cautious in buying stocks as the volume of stock traded fell considerably
when compared with the preceding week’s figure. Analysts have however
attributed the plunge to the many offers currently in the market,
especially that of the Guaranty Trust Bank (GTB) and Zenith Bank’s IPO.
At the close of trading last
Friday, both market capitalization and the all-share index were down to
N2 trillion and 28,049.17 as against the opening capitalization and index
last Monday of N2.1 trillion and 28,847.67.
While the index was down by
1.88 per cent, the growth of the equity capitalization at N2.01 trillion
reflceted a cumulative growth of 51.4 per cent for the capitalisation.
In totality,a total of 273.6
million shares, valued at N4.8 billion were traded in 19,165 deals in
contrast to a total of 572.5 million shares, valued at N6.75 billion in
the preceding week in 21,907 deals.
There were no transaction in
the Federal Government Development Stocks and the Industrial
Loans/Preference Stocks Sector.
The Banking sub-sector was
however the most active when measured by turnover volume as it scooped
168 million shares worth N1.6 billion in 9,216 deals. The shares of First
Bank and IMB International Bank closed the week as the most sought after.
Trading on the shares of the two banks accounted for 49.5 million shares,
representing 29.5 per cent of the sub-sector’s turnover. The Insurance
sector followed on the activity chart with a turnover of 33.6 million
shares valued at N39.4 million in 253 deals.
Meanwhile 33 companies added
value during the week, higher than 27 in the preceding week while 50
companies suffered price depreciation, lower than 59 that suffered the
same fate in the preceding week.
Leading 31 other companies,
Guinness and Conoil, which led the gainers chart added N11.52 and N5.00
respectively to close their prices respectively at N165 per share and
N176.05 respectively.
Other price gainers’
include:Texaco,380 kobo, Nestle, 250 kobo,Northern Nig. Flour Mills, 201
kobo, Flour Mills, 136 kobo Oceanic Bank, 100 kobo among others.
While Mobil led the losers’
chart by shedding N13.37 kobo to close at N176.65 per share, Total which
trailed it lost N12.09 toclose its share price at N200 per share. Other
price losers’ include: Nigerian Breweries, 470 kobo; Cadbury, 218 kobo;
First Bank,199 kobo, Julius Berger, 195 kobo; Presco, 140 kobo among
others.
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