Zenith Bank

BUSINESS AND ECONOMY

Saturday, 09 August 2014 17:11

Forte Oil leads gainers as Seplat dips most

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Share price increase recorded by Forte Oil plc, Conoil plc, Total Nigeria plc, Dangote Cement plc, and Northern Nigeria Flour Mills plc respectively, surpassed that of other equities after trading on the Nigerian Stock Exchange (NSE) yesterday.

As investors began to favour equities in their portfolio pick, the value of Nigerian stock market increased by 0.64 percent yesterday, pushing the market’s year-to-date (YtD) return high at 3.10 percent. The stock market twin performance indicators –the NSE All Share Index (ASI) and market capitalisation closed higher yesterday.

For instance, the All Share Index rose to 42,612.33 points against the preceding trading day’s 42,339.84 points, while market capitalisation rose by N89bn to N14.070trn against N13.981trn the preceding trading day.

Leading the gainers table, Forte Oil plc rose by N7.5, from N231 to N238.5; followed by Conoil plc which rose from N62.32 to N68.7, after adding N6.38.

Total Nigeria plc gained N4.01, from N172.01 to N176.02; Dangote Cement plc gained N2, from N228 to N230; while the share price of Northern Nigeria Flour Mills plc appreciated by N0.95, from N19.7 to N20.65.

The market recorded 34 gainers against 18 losers, indicating increasing buying tendencies on the side of equity investors.

On the losers table, Seplat Petroleum Development Company plc led after shedding N8.76, from a low of N708.75 to N699.99 at the close of deals.

Eterna Oil plc also declined from N4.17 to N3.99, losing N0.18; Cement Company of Northern Nigeria recorded price decline from a high of N15.33 to N15.19 at the close of transactions, losing N0.14.

Also, NAHCO made the big losers table after shedding N0.12, from N5.15 to N5.03; while Zenith Bank plc recorded share price lose of N0.11, from N25.1 to N24.99.

Volume of equities traded yesterday decreased by 37.83 percent from 323.913m to 201.385m, while the total value of stock exchanged at the Nigerian bourse declined by 38.18 percent from N4.874bn recorded the preceding trading day to N3.013bn at the close of transactions in 4,637 deals.

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