Market Turnover Declines by N88m
By Jerome Ushakang
There were substantial losses by highly capitalised companies during the week ended Friday September 24, 2004 as market turnover dropped by N88 million.
The market recorded a turnover of 300.4 million ordinary shares valued at N1.82 billion exchanged in 14,424 deals. This is in contrast to 181.9 million ordinary shares worth N2.7 billion exchanged in the previous week in 15,768 deals.
The Federal Government Development Stocks/State Government Bond and Industrial loans/preference stocks sector was dormant.
Despite the low volume of transaction, the banking subsector remained the most active.
It recorded a total of 128.8 million ordinary shares valued at N669.2 million exchanged by investors in 6,062 deals.
The highest volume recorded by the banking subsector was driven in part by activity in the shares of Standard Bank Plc and Gulf Bank of Nigeria Plc.
Transactions on the shares of the two banks accounted for 77.4 million ordinary shares, representing 60.1 per cent of the subsector's turnover. It was followed by the Industrial/Domestic product subsector on the week's activity chart with a turnover of 118.8 million ordinary shares worth N109.3 million in 245 deals. The banking subsector also led on the activity chart and was followed by the breweries subsector as in the preceding week.
Analysis of the performance of price movement indicate that the all-share index declined by 0.56 per cent to close on Friday at 22,586.39.
The prices of 38 stocks appreciated during the week higher than the 30 in the preceding week. Texaco Nigeria Plc led the price gainers with a gain of N12.88 kobo to close at N167.99 kobo per share, while Mobil Oil Nigeria Plc gained N11.96 kobo to close at N169.96 kobo per share.
Other price gainers in the top ten chart included Total Nigeria Plc (N10.98 kobo), Conoil Plc (N4.97 kobo), African Petroleum Plc (N3.95 kobo), Union bank Nigeria Plc (N1.34 kobo), Okomu Oil Palm Plc (N1.12 kobo), 7-Up Bottling Company (85 kobo) and CAP Plc (70 kobo).
However, the prices of 39 stocks dwindled lower than the 46 in the preceding week. Guinness Nigeria Plc led on the week's price losers' chart, dropping by N16.00 to close at N118.20 kobo per share, while Nigerian Bottling Company Plc lost N2.01 kobo to close at N55.99 kobo per share.
Other price losers in the top ten chart were First Bank of Nigeria Plc (89 kobo), Beta Glass Plc (81 kobo), UACN Property Development Company Ply (77 kobo), CFAO Nigeria Plc (47 kobo), Standard Trust Bank Plc (37 kobo), Wema Bank Plc (36 kobo) and Vitafoam Nigeria Plc (33 kobo).
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