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Banks’ stocks drive turnover as upward trend continues |
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The rally in the Nigerian capital market continued on Tuesday with banks’ stocks gaining significantly to drive major indicators upwards.
Investors continued their preference for banks stocks with the sub-sector dominating the activity chart and accounting for 63 per cent of total turnover.
The sub-sector traded 177.904 million shares, valued at N1.988bn in 5,135 deals, representing a volume increase of six per cent over 167.505 million shares, valued at N1.681bn exchanged the preceding day in 5,171 transactions.
Volume in the sub-sector was boosted by activity in the shares of Oceanic Bank Plc, Access Bank Plc and First City Monument Bank Plc, all accounting for 49 per cent of turnover.
The three banks traded 87.147 million shares, valued at N850.28m in 1,580 deals.
The insurance sub-sector followed on the activity chart, trading 50.630 million shares valued at N 83.852m in 745 transactions. Turnover was boosted by activity in the shares of Lasaco Insurance Plc, Investment and Allied Assurance Plc, Cornerstone Insurance Plc and AIICO Insurance Plc, all accounting for 50 per cent of turnover.
The market capitalisation of the 303 listed equities closed on a positive, appreciating by N168bn or 2.2 per cent, up from N7.672m at Monday’s close to N7.840m.
Similarly, the All-Share-Index of the NSE chalked up 765 basis points or 2.2 per cent, up from 34,973.05 to 35,738.02.
Fifty-two stocks appreciated in price, lower than 59 the previous day with two companies in the breweries sub-sector –Guinness Nigeria Plc and Nigerian Breweries Plc – recorded the highest price appreciation, gaining N4.28 and N1.86 to close at N89.88 and N39.54 per share in that order
Both companies traded 739,819 shares valued at N34.814m in 68 transactions.
As in the previous day, the shares of two banks – First Bank of Nigeria Plc and Zenith Bank Plc – followed on the price gainers’ chart, adding N1.16 and N1.02 to close at N24.48 and N25.85 per share respectively.
On the other hand, 25 stocks depreciated in price. Oando and Julius Berger Nigeria Plc shed N6.94 and N3.38 to close at N131.87 and N64.40 per share in that order.
In all, investors staked N2.529bn on 283.853 million shares in 7,935 deals as against 349.348 million shares valued at N2.649bn exchanged on Monday in 9,046 transactions
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Nigeria, Germany trade hits N312b in 2008 |
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THE German Secretary, Ministry of Commerce and Technology, Mrs. Dagmar Wohrl, said the volume of trade between Nigeria and Germany in 2008 far exceeded 2 billion euros (N312 billion).
The secretary, who said this in Abuja at the Nigerian-German Investment Forum organised by the Nigerian Investment Promotion Commission (NIPC), said the figure represented the first eight months of 2008.
She described the partnership between both countries as a ``win-win'' situation as Germany basically imported natural gas from Nigeria and in exchange Germany ensured transfer of technology through the operations of its various companies.
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