NSE: Banks, insurance equities on free-fall as market index dip further

Thursday, April 17, 2008

Banks and insurance equities prices were on a freefall yesterday on the floor of Lagos Exchange (NSE) just as market index shrank further to 62.007 points, as against 62.503 points on Tuesday.

In the banking sector, only three including First Inland, Diamond, and Intercontinental Banks escaped the price slash on the day that saw 19 insurance equities nose-diving to an all time low with Universal Insurance stock dropping 7 kobo to close at N2.99, the lowest in the sector. But the blue chip equities bounced back from the wobbling tendencies that characterized the market in the last two days.

At the close of transactions, market capitalization dropped to 11 trillion even as volume of shares traded rose to 1.07 trillion in 17,945 deals valued at approximately N14 trillion.
The decline streak was believed to be a direct outcome of declining share prices in which banks and insurance stocks which command highest trading volume were worst hit.

Leading again price losers’ chart, Chevron dropped N14.00 to close at N291.00 after it lost N16.00 the previous day. It was followed by Total, Julius Berger, and Ecobank Transactional International Incorporation which lost N11.00, N550 kobo and 500 kobo to close at N239.00, N108.50 and N235.00 respectively.

In the same vein, Flourmill, Costain, Chemical and Allied Products, and Dangote Sugar dropped 400 kobo, 313 kobo, 312 kobo and 184 kobo closing at N88.00, N59.59, N59.30 and N35.08 respectively.

Other losers in the top 10 class were Northern Nigeria Flour Mills with 165 kobo, both Arbico and Okomu Oil tied at 149 kobo loss to close N32.60, N28.49 and N28.51 respectively.
Market watchers attributed the price dip to increasingly high volume of shares traded which hit a record high of 1.074 billion compared with 727.05 million the previous day.

And the losses pulled All Share Index lower to 62.007.43 points from 62.503.03 points.
On the gainers lists, Mobil continued its lead moving further up by N13.12 followed by Nestle and Oando which gained N1.49 and N11.02 closing at N275.66, 262.87 and N231.52 respectively. Conoil, Benue Cement and Premier paints also made top ten gainers’ chart with 644 kobo, 183 kobo, 100 kobo to close at N138.90, N47.00 and N21.11 respectively.

Other gainers on the top 10 category were Nigerian Bottling Company, Guinness, C and I Leasing and A.G Leventis with 95 kobo, 85 kobo, 77 kobo, to close at N58.00, N130.50, N16.20 and N15.85 respectively.

Nigeria: Banking Sector Boosts Equity Trading On NSE by 74 Percent

10 April 2008

Driven by investors preference for shares in the Banking sub-sector, equity trading on the Nigerian Stock Exchange (NSE) appreciated on Tuesday by 74.2 per cent.

Particularly, a turnover of 1.08 billion shares valued at N17.12 billion was recorded in 18,503 deals, in contrast to the previous day's turnover of 615.64 million shares valued at N8.87 billion in 17,972 deals.

The banking sub-sector dominated the other sub-sectors, accounting for 44.44 per cent of the market turnover with 484.1 million shares valued at N10.85 billion in 7,157 deals.

Trading in the sub-sector was driven by activity in the shares of Access Bank Plc, trading 154.64 million shares valued at N3.44 billion in 342 deals, followed by First Inland Bank Plc with a turnover of 118.97 million shares valued at N1.25 billion in 277 deals and Afribank Nigeria Plc recorded 27.0 million shares valued at N677.06 million in 194 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 31.48 per cent of the market turnover with 334.01 million shares valued at N1.56 billion in 4,475 deals. Lasaco Assurance Plc recorded the highest transaction in the sub-sector with a turnover of 71.96 million shares valued at N330.24 million in 471 deals, followed by Universal Insurance Plc with the exchange of 58.9 million shares valued at N193.5 million in 1,176 deals, while Cornerstone Insurance Plc recorded 32.49 million shares valued at N209.57 million in 127 deals.

Boosted by gains on the share prices of listed securities, the performance indices, the All-share index and market capitalisation both appreciated by 0.93 per cent each.

Specifically, the index which opened at 62,688.07 points rose by 587.95 points to close at 63,276.02 points while the capitalisation closed at N12.18 trillion from N12.06 trillion at which it opened.

Mobil Oil Nigeria Plc recorded the highest share price gain, rising by N7.00 to close at N216.00 per share from N209.00 per share at which it opened, followed by Nigerian Enamelware Plc with a gain of N4.00 to close at N85.00 per share and Costain (West Africa) Plc garnered N2.58 to close at 54.35 per share.

Other share price gainers include: First Bank of Nigeria Plc N2.00, Northern Nigeria Flour Mills Plc N1.70, Nigerian Breweries Plc N1.67, Eterna Oil and Gas Plc N1.48, Oceanic Bank International Plc N1.36, Julius Berger Nigeria Plc N1.35, Nigerian Aviation Handling Company Plc N1.30 among others.

Conversely, Nestle Nigeria Plc recorded the highest share price loss, dropping by N12.85 to close at N244.15 per share from N257.00 per share at which it opened, followed by Ecobank Transnational Incorporated with a loss of N7.97 to close at N252.00 per share, while Conoil Plc dipped N4.50 to close at N136.00 per share.

Other share price losers include: Oando Plc N4.50, Nigerian Bottling Company Plc N3.00, Cadbury Nigeria Plc N2.49, Okomu Oil Palm Plc N1.58, Alumaco Plc N1.56, BOC Gases Plc N1.10, Morison Industries Plc N1.05 among others.

Culled from the  Vanguard

Why investors embrace insurance stocks, by operators

Tuesday, April 08, 2008   

THE insurance sub-sector has been recording share price appreciation, amidst depreciation experienced by many equities on the floor of the Nigerian Stock Exchange (NSE).

Stockbrokers who spoke with The Guardian attributed the growth to the just concluded consolidation exercise embarked on in the sector.

According to Mr. Emmanuel N. Eze of Perfect Investment Trust Limited, there are strong indications that many insurance companies would be coming to the market to raise fund in order to enable them share up their capital base.

He said the insurance sub-sector is doing well as the consolidation is still going on. "Most of them are even going beyond government regulatory capital base so that if tomorrow, the government says they are going on further, there wont be any panicking.

"Many IPO's are about to come up, some of them have gone through private placement while some have finished their IPO's. There is no insurance company that is not coming for an IPO to be able to share up its capital base further so that fund will not be a hindrance to their operations. Our insurance companies are now invading the various shares of Africa and no insurance company can do that if not financially strong," he noted.

Another stockbroker, Mr. Tunde Adediran of De-Lords Securities Limited explained that the consolidation exercise has boosted people's confidence in the sector.

"Due to the consolidation exercise, people are becoming more confident of the sector, thereby increasing the awareness of the sector. So, we are likely to have more of this, moreover, the regulatory authorities in the sector are also doing their job, thereby making the sub-sector to thrive."

Meanwhile corporate indices, the All-share index of NSE rose marginally by 463.21 points or 0.74 per cent from 62,224.86 at which it closed on Friday to 62.688.07 yesterday while market capitalisation increased by N89 billion from N11.973 trillion to N12,062 trillion.

Chevron Nigeria Plc led 72 others on the gainers' chart with 1,370 kobo, to close at N274.00 per share.

Total Nigeria Plc followed by adding 1,000 kobo, to close at N230.00 per share.

Mobile Nigeria Plc, Julius Berger Plc, Enamel West African Plc, Benue Cement Company Plc and Eco Bank Transnational Incorporated also added 900 kobo, 565 kobo, 383 kobo, 225 kobo and 197 kobo to close at N209.00, N118,65, N81.00, N47.25 and N259.97 per share.

However, Cappa D'Alberto emerged the highest share price loser with 625 kobo, to close at N118.94 per share.

Nestle Plc, Conoil Plc, Constain Plc, Guinness Plc and Okomuoil Plc also lost 519 kobo, 350 kobo, 272 kobo, 190 kobo and 167 kobo, to close at N257.00, N140, 50, N51.77, N129.15 and N31.77 per share.

Article culled from Guardian

Nigeria: Banking Stocks Thrill Investors On NSE

28 March 2008

Equity trading on the Nigerian Stock Exchange (NSE) was driven on Wednesday by activity in the Banking sub-sector, accounting for 48.65 per cent of the market turnover.

Particularly, a turnover of 1.11 billion shares valued at N19.30 billion was recorded in 20,258 deals, representing a depreciation of 6.72 per cent from the previous day's turnover of 1.19 billion shares valued at N16.03 billion in 20,506 deals.

The Banking sub-sector dominated the other sub-sectors, trading 535.76 million shares valued at N13.33 billion in 7,857 deals.

Activity in the sub-sector was buoyed by investors' preference for the shares of Access Bank Plc with a turnover of 118.13 million shares valued at N2.66 billion shares valued at 334 deals, followed by Wema Bank Plc with the exchange of 90.71 million shares valued at N1.36 billion in 28 deals and Oceanic Bank International Plc recorded 40.5 million shares valued at N1.12 billion in 834 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 32.43 per cent of the market turnover with 364.8 million shares valued at N1.68 billion in 4,477 deals.

Universal Insurance Plc recorded the highest patronage in the sub-sector, trading 130.06 million shares valued at N390.25 million in 1,044 deals, followed by Staco Assurance Plc with the exchange of 36.88 million shares valued at N251.55 million in 55 deals, while Goldlink Insurance Plc recorded 27.07 million shares valued at N102.31 million in 119 deals.

The declining fortune of the performance indices continued, as the All-share index and market capitalisation both dropped 0.86 per cent.

In particular, the index which opened at 63,646.38 points closed at 63,098.46 points while the capitalisation closed at N12.14 trillion from N12.25 trillion at which it opened.

The drop in the market indices was as a result of losses on the share prices of majority of the listed equities, with Chevron Oil Nigeria Plc recording the highest share price loss, dropping by N17.03 to close at N384.03 per share from N367.00 per share at which it opened, followed by Mobil Oil Nigeria Plc with a loss of N10.40 to close at N197.60 per share and Cappa & D'Alberto Plc dipped by N7.30 to close at N138.70 per share.

Other share price losers include: Skye Shelter Funds N6.57, Ecobank Transnational Incorporated N5.00, Costain (West Africa) Plc N4.10, CAP Plc N3.98, Nigerian Breweries Plc N2.73, Oando Plc N2.49, Eterna Oil and Gas Plc N2.34 among others.

On the contrary, Nigerian Enamelware Plc recorded the highest share price gain, rising by N2.88 to close at N60.63 per share from N57.75 per share at which it opened, Alumaco Nigeria Plc followed with a gain of N1.88 to close at N39.51 per share while Nigerian-German Chemicals Plc garnered N1.40 to close at N31.90 per share.

Other share price gainers include: Morison Industries Plc N1.15, Seven-up Bottling Company Plc N1.00, Access Bank Plc N1.00, Ashaka Cement Plc N1.00, United Bank for Africa Plc N0.99, IBTC Chartered Bank Plc N0.98, Skye Bank Plc N0.84 among others.

Nigeria: SEC Suspends Afroil, Capital Oil From NSE

20 March 2008

The Securities and Exchange Commission (SEC), has suspended Afroil Plc and Capital Oil Plc for involving in "insider dealings," a statement from the Commission announced yesterday.

SEC started investigating the two leading oil companies and four others on February 14 for allegedly manipulating the values of their shares in the capital market with the connivance of some staff of the NSE.

The statement issued by SEC's Head of Media, Lanre Oloyi, yesterday said a letter has been issued to the NSE and all stockbrokers not to deal in the shares of the two companies, as further disciplinary action is being considered regarding individuals and organizations with established active role in the saga.

SEC said: "The decision of the Commission to order the suspension of trading on Afroil Plc and Capital Oil Plc was a fall out of the investigation recently conducted on these two companies due to observed astronomical rise in the share prices and the fact that they were not rendering necessary statutory reports.

"The investigation established that during this period, they were not in business, as there was no activity whatsoever in their premises."

The Commission therefore said the basis for continued trading and rise in the prices of their shares on the NSE no longer existed.

SEC said it discovered during its investigations that Afroil was wound down by a Federal High Court, Lagos order that lasted between 2001 and 2006 for its inability to pay its debts, pursuant to the provisions of the CAMA 1990.

But the winding up order was vacated in March 2007, following the decision of KS Fund Managers Limited (one of the creditors), to take over the responsibility of paying other creditors, while the company is returned to KS Fund Managers. The warehoused shares of the company were in custody of the company's management", SEC said.

The Commission stated that Afroil did not notify it and the public of this development, while its shares remained quoted on the Stock Exchange and transactions were going on.

According to SEC "a stockbrokerage firm, Reward Investment Limited, sold 20 million units of the warehoused shares from April 19, 2007 to December 6, 2007 at prices ranging from N2.20 to N6.47, while another firm, PSL Securities Limited, sold 9 million units between December 21, 2007 and January 24, 2008 at the price range of N9.12 to N13.76 per share."

SEC said during investigation, it was discovered that a new mandate order was given by Afroil management to PSL requesting it to sell another 11 million units.

"The Commission found the sale of the company's warehoused shares within this period as quite anomalous as it ceased to be a going concern between 2001 and June 2006 while it returned to going concern status on March 3, 2007", the commission stated.

By the winding up order on Afroil by the court, the commission said the company's shares should have been de-listed from the official list of the NSE as it could not establish any basis for the steady rise in the company's share price.

"The Commission therefore noted the actions of the management of Afroil Plc as acts of insider dealing and price manipulation and therefore a breach of Rule 110 of the Commission's Rules and Regulations. In addition, the manner of the sale of the company's warehoused shares was a total breach of the provisions of Rule 70(2) of the Commission's Rule and Regulations which states that warehoused shares be sold en-bloc, while the broker renders periodic reports on it", SEC said.

Capital Oil Plc on the other hand was suspended because it was in active operation but only occupies an obscure office accommodation in Ikeja, Lagos.

SEC said: "The Commission however found that what triggered the volume of transactions in the company's shares was the sale by Five Star Asset Management Limited, of 38,708,520 shares of the company on the floor of the Exchange to APT Securities Limited, at the price of N1.39 and the securities firm subsequently did a cross deal of 70 million shares of the company at various prices, ranging from N3.53 and N11.68.

"The transactions were executed between December 12, 2007 and January 28, 2008. The sales were made to various clients."

Moribund companies as source of worry for investors

Monday, March 17, 2008              

INVESTMENTS in stocks are generally done for specific purposes, which include expectations of returns in terms of dividends, bonus issues and earnings.

However, for some investors, it has been a sad tale since they have not benefited in any form from 61 of 216 listed equities on the Nigerian Stock Exchange in most cases in the last few years.

To informed shareholders, investors should not just buy off-the shelve, but they should consult their stockbrokers/dealers and investment advisers or at least other informed investors before investing in non-existent companies.

Without mincing words, for investors in 61 out of the companies quoted on the Nigerian Stock Exchange, the story has not been palatable in the last few years in terms of returns on investment especially capital appreciation, dividend and bonus issues, and earnings per share.

Specifically, most of these companies have not submitted their result to the Nigerian Stock Exchange since 1986 or the 1990s, which is against the post-listing requirements of the Nigerian Stock Exchange. Yet they have not given investors any returns.

Ironically, some of them have enjoyed capital appreciation in the last few months alongside other companies that have good track records, which have given adequate and prompt returns to investors. These companies suppose to submit their results every six months for emerging market companies and quarterly for first tier companies to the stock exchange.

The moribund companies, which have enjoyed tremendous capital appreciation include Afrioil Plc, Liz Olofin Plc, Capital Oil Plc among others.

Specially, the share price of Capital Oil Plc has risen so far this year from a low N5.42 to a high N17.50 before falling to N17.50, while that of Afroil Plc rose from N8.96 to N27.46 and that of Liz Olofin rose to N4.07 from a low N1.74, among others. Some of these moribund companies have even ceased to exist like Aboseldehyde Plc, among others.

The development had called for suspect by the Securities and Exchange Commission (SEC), which began investigation in February into why some share prices were rising indiscriminately.

Specifically, the share price of African Petroleum Plc, Afroil Plc, Capital Oil Plc, IPWA Plc among others were being investigated and the result of SEC is still being awaited by operators and investors.

As at yesterday, the moribund companies included 13 in the emerging markets sub-sector and 48 in the first-tier sub-sector.

The companies include Afrik Pharmaceuticals Plc, Animo International Plc, Capital Oil Plc, Flexible Packaging Plc, Krabo Nigeria Plc, Newpak Plc, Rak Unity Petroleum Company Plc, Rokana Plc, Smart Products Nigeria Plc, Tropical Petroleum Plc, Udoefson Garment Plc, Union Ventures Plc, West African Aluminium Products Plc, among others, all in the second-tier market.

In the first-tier market, we have Okitipupa Oil Palm Plc, Incar Plc, Intra Motors Plc, Albarka Air Plc, Aviation Development Company Plc, Golden Guinea Breweries Plc, Premier Breweries Plc, Ceramic Manufacturers Plc, Nigeriacem Plc, IPWA Plc, Premier Paints Plc, Atlas Nigeria Plc, Hallmark Paper Products Plc, Arbico Plc, Interlinked Technologies Plc, Nigerian Wire & Cable Plc, Onwuka Hi-Tech Plc, Beverages West Africa Plc, Tate Industries Plc, UTC Plc, Daily Times Plc, Aba Textiles Plc among others.

Lamenting investors' plight, the President of the Association for the Advancement of the Right of Nigerian Shareholders (AARNS), Dr. Farouk Umar said: "Some people are just buying into the companies because they don't know about them. They like buying private placements sometimes, but they will have themselves to blame. People should always seek advice before buying into any stock, especially the ones they don't know very well or have much information about."

To Sunny Nwosu, the president of the Independent Shareholders Association of Nigeria (ISAN), some investors are buying into the companies because of the belief that they will bounce back someday. He said: "The moribund companies are few. Before now, they were more than these. Some of them have bounced back. We believe that one day, one core investor will come in, buy them and turn them around."

The spokesperson of the Nigerian Stock Exchange (NSE), Mr. Sola Oni, shared the views of Nwosu. He explained that some investors are buying these stocks because they are cheap, and with the hope that if they should experience any turnaround, they will make their money. His words: "Some investors prefer to buy these stocks into their portfolio in order to make money later.

There is no were in the world where companies perform at the same level." He continued: "Some investors prefer junk stock for other reasons, which included the fact that they are cheap; prospect for returns in future; expectation that they will ounce back like the case of Champion Breweries. Also the process of delistment is cumbersome." Meanwhile, Oni explained that the stock exchange has set up a monitoring team to check the companies with a view of knowing what is wrong with them and the way out.

The way out of the problem, according to Farouk, is that investors should generally seek investment advise from stockbrokers and other experienced people before investing in any stock at all so that they won't buy into non-existent companies or those that will never give any return in the short-run or long run.

His words: "Investors should not buy shares off the shelve without seeking advise from experts and stockbrokers. Sometimes people are pennywise pound foolish. They see a stock of N1 and buy it and leave that one of N50 with track record. It is better to buy that of N50 per unit like First Bank with track record and get returns. When you don't have results for many years, you may be hurting yourself.

The moribund companies are not good for the market, because the moment the stocks crash, it will discourage people from investing in the market." "Now banks are giving money to people to invest and they should invest wisely so as not to burn their fingers. The NSE and SEC should watch the stocks and see who is buying when stocks that are non-performing rise in price. The bandwagon effect will make stocks crash and have people lose money. We saw what happened in China and the United States.

We don't pray for that here." Meanwhile, piqued by alleged non-compliance of the Securities and Exchange Commission with due process in respect of recapitalisation at the stock market, the Senate Committee on Stock Market has directed that further actions be suspended on the matter.

In a letter sent to the director-general, SEC by the committee, it was pointed out that the commission had no right to bar registrars from handling the registers of their parent companies from the end of this month.

The Chairman, Senate Committee on Capital Market, Ganiyu Solomon, who signed the letter dated March 12, 2008, said: "We write in respect of the commission's directive barring registrars from handling the registers of their parent companies from March 31, 2008 and the directive on the recapitalisation of stockbroking firms. While we appreciate the commission's drive and initiative to sanitise the market and create an effective level-playing ground, we wish to make it clear that the committee has not been adequately briefed in respect of these directives by neither you nor the Ministry of Finance."

The letter titled "Registrar transfer and recapitalisation," continued: "We are of the opinion and firm belief that rather than read about the policies of the commission and subsequent reactions that trail them on the electronic and print media, the committee, as the representatives of the people should have been carried along through proper briefings.

"In view of the foregoing, the policies should be kept in abeyance pending proper briefing with the committee, outlining the positions and what adverse effects or otherwise they would have on the operations of the market, as well as the structures put in place to accommodate likely changes. This has become necessary to avert sending wrong signals that would jeopardise the growth and stability of the market or erode investors' confidence."

Golden Securities becomes public liability company

Preparatory to its eventual listing on the Nigerian Stock Exchange (NSE) Golden Securities Limited, a dealing member of the stock exchange has been transformed to a public liability company.

This development was part of various resolutions passed at the company's extra-ordinary meeting held on February 19, in Lagos.

Besides, company shareholders The Guardian learnt, approved a resolution that the company's authorised and paid-up capital be increased from N70 million to N1 billion through the creation of additional 930 million ordinary shares of N1 each at N1 per share.

The funds, according to the resolutions would be raised through a rights offer of 140 million ordinary shares of N1 each in the proportion of two ordinary shares for each ordinary shares held by existing shareholders as at December 31, 2007.

It also involves a private placement of 500 million ordinary shares of N1 each at N1 per share.

The shareholders also approved a resolution that the company's entire shares be listed on the Exchange after the conclusion of the offerings.

The purpose of the private placement according to the chairman, Professor Ezekiel Adesogan is to enable the company raise the necessary funds to meet the statutory capital requirement for stockbroking firms and the expansion of its business capacity in order to increase its market share through strategic growth driven initiative by expanding its branch network and upgrading the company's IT infrastructure.

 In the event of over-subscription, additional shares, in an amount not exceeding the company's unissued share capital may be allotted, subject to the approval of the company's board of directors and the supplementary proceeds would be utilised for the same purposes stated in the memorandum.

The shares being offered according to Joseph Adebiyi, the company's managing director, ranks parri passu in all respects with the issued ordinary shares of the company, and the offerings which opened on March 3, 2008 closes on Thursday April 24, 2008, both days inclusive

Article culled from Guardian Newspaper

DAAR Communication plc public offer

DAAR communication plc is one of Nigeria’s foremost private independent broadcast outfit. The company was incoporated on the 31st of August 1988 as a limited liability company which had the objective of broadcastng, printing, publishing, telecommunication,and other allied multimedia services. It was later converted to a public liability company on April 23, 2007. The communication company which is currently in the market with an initial public offering by way of an offer for subscription of 1,829,478,000 ordinary shares of 50 kobo each at N5.00 per share and one of its subsidiaries, DAAR Investment & Holdings company limited offering for sale 960,000,000 ordinary shares of 50 kobo each at N5.00 per share, has both local and international broadcast stations with affilliate stations numbering over 15.

The offer is supposed to last from February 25, 2008 to March 31, 2008. DAAR launched its broadcast services in 1994 with the promotion of Nigeria’s first private independent radio station, Ray Power 100.5 FM, a second channel Ray Power 106.5 FM comenced formal operations in April 1999. It had earlier launched a 24 hour global television service with the call sign- African Idependent Television (A I T). In the last quarter of 1999, DAAR launched the DAAR broadband internet servises with capacity for vioce, internet access, video conferencing, data, telephony and other multimedia capabilities.

According to the offer prospectus, the company has made steady and appreciable progress. In the past five years of its operations, turnover has grown by 287 percent from N652.7 million in 2002 to over N2.53 billion in 2006. The offer prospectus also shows the company’s projections from 2007 to 2010. It projects turnover moving to N3.2 billion in 2007, N10.2 billion in 2008, N17.6 billion in 2009 and N25.0 billion in 2010.

Volume plunges as indices surge on the Exchange

EQUITY transaction on the floor of the Nigerian Stock Exchange, last week witnessed a plunge in volume terms as investors exchanged 4.83 billion units worth N67.8 billion in 103,238 deals, lower than 7.5 billion valued N94.6 billion recorded the proceeding week.

The insurance sub-sector last week's 2.4 billion shares valued at N11.71 billion were exchanged by investors in 28,213 deals. The banking sub-sector followed with a turnover of 1.1 billion shares valued at N0.8 billion in 33,335 deals.

The insurance sub-sector was buoyed by activities in the shares of Universal Insurance Plc.

According to the report, trading in the shares of the company accounted for 827.56 million which represents 35 per cent of the sub-sector's turnover while the banking sub-sector was boosted by activities in the shares of Oceanic Bank International Plc, Diamond Bank Plc and Guaranty Trust Bank Plc.

 Meanwhile, despite the high price depreciation suffered by most blue chip companies last week, especially in the petroleum subsector, corporate performance indices, the All share index rose marginally by 210.96 points or 0.32 per cent, from 65,910.97 at which it opened when the market began for the week to 66,121.93 on Friday, while market capitalization appreciated by 40 billion, from 12,552 trillion to 12,592 trillion.

Further analysis of last week's transaction showed that 89 stocks appreciated in price last week, lower than 109 recorded the preceding week in with Oando Nigerian Plc emerging the highest share price gainer with 5,828 kobo, to close at N269.31 per share.

Cappa and D'Alberto Plc followed, adding 2,539 kobo, to close at N120.39 per share. Other gainers in last week's trading includes Skye shelter fund plc, Eco bank Transnational Incorporated Plc, Nestle Nigeria Plc, Constain West African Plc Northern Nigeria Flour Mills Plc, Dangote Flour Mills Plc, Nigeria Enamelware Plc and Nigerian Bottling Company Plc with 2,373 kobo, 1999 kobo, N1512 kobo, 1274 kobo, 1141 kobo, 1093 kobo, 916 kobo and 803 kobo.

However, 59 stocks depreciated in price last week, up from 42 in the preceeding week with Total Nigeria Plc leading others on the losers chart, sheeding 5610 kobo, to close at N40.00. per share while mobil plc followed with a loss of 3080 kobo to close at N237.10 per share.

Conoil Plc, Ashaka Cement Plc, Berger Paints Plc, Longman Nigeria Plc, DN Meyer Plc, Julius Berger Plc, Chellarams Plc and Cement company of Northern Nigerian Plc also loss 988 kobo, 456 kobo, 421 kobo, 403 kobo, 365 kobo, 350 kobo, 350 kobo and 295 kobo.

Culled from Guardian Newspaper 10/03/08