Blue chip stocks surge indices on the Exchange

NIGERIAN Stock Exchange's All-share index rose further last week following major price gains by highly capitalised companies in the banking, insurance and food beverages and tobacco sub-sectors.

The market opened for four days, as Friday was declared work-free day by the Federal Government.

Specifically, the index appreciated by 2.6 per cent to close on Thursday at a record 47,093.27 points, while market capitalisation closed higher at N6.8 trillion.

The development was due to price gains by Guinness Nigeria Plc, which gained 2,199 kobo to close at N142.00 per share, while Nigerian Aviation Handling Company Plc followed at N54.93 per share.

Dangote Sugar Refinery Plc, UACN Property Development Company Plc, Zenith Bank Plc, National Salt Company Plc, African Petroleum Plc and Nigerian-German Chemicals Plc amongst others also gained 920 kobo, 494 kobo, 480 kobo, 294 kobo, 249 kobo and 227 kobo respectively.

On the other hand, Nestle Nigeria Plc led the price losers, down by 6,300 kobo to close at N235.00, while Ecobank Transnational Incorporated Plc also lost 1,500 kobo to close at N170.00 per share.

Oando Plc, Mobil Oil Nigeria Plc, Chevron Oil Nigeria Plc, Union Bank Nigeria Plc, UACN Plc, Conoil Plc, Nigerian Breweries Plc and Beta Glass Company Plc also lost 754 kobo, 449 kobo, 400 kobo, 389 kobo, 314 kobo, 300 kobo, 254 kobo and 237 kobo per share.

In all, 3.31 billion shares worth N46.35 billion changed hands last week, up from 1.4 billion shares valued at N18.3 billion exchanged the previous week.

There were no transactions in Federal Government Development Stocks, State Government Bonds and Industrial Loan/Preference Stocks sectors.

Transactions was highest in the banking sub-sector last week with 1.9 billion shares worth N30.44 billion exchanged in 23,849 deals.

Further review of the banking sub-sector indicated that the volume was buoyed by activity in the shares of Afribank Nigeria Plc, Fidelity Bank Plc, Intercontinental Bank Plc and Wema Bank Plc.

Trading in the shares of the four banks accounted for 929.11 million shares, representing 49.2 per cent of the sub-sector turnover.

The Insurance sub-sector was boosted by activity in the shares of Cornerstone Insurance Plc with a turnover of 659.3 million shares valued at N1.84 billion.

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