THE NATION THURSDAY, SEPTEMBER 20, 2012
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EQUITIES NIGERIAN STOCK EXCHANGE DAILY SUMMARY AS AT 19-9-12
Investors swoop on financial stocks
T
URNOVER at the Nigerian stock market reached its highest level in recent period yesterday as investors scrambled for shares in the financial services sector. Momentum at the Nigerian Stock Exchange (NSE) picked on the back of upsurge in demand for several financial services stocks, especially First City Monument Bank (FCMB), Zenith Bank, Mansard Insurance and Cornerstone Insurance. Turnover jumped to 904.16 million shares valued at N5.45 billion in 5,340 deals, representing an increase of 75 per cent and 77 per cent on total volume and total value respectively. Aggregate market capitalisation of all equities and the benchmark All Share Index (ASI) also rallied by 0.73 per cent each to push the average year-to-date return to 23.69 per cent. Total market capitalisation of all quoted equities rose from N8.104 trillion to N8.163 trillion. The ASI improved correspondingly from 25,456.01 points 25,642.39 points. The positive market situation particularly reflected in-
By Taofik Salako and Tonia Osundolire
creasing investors’ appetite for FCMB, which had this week published a detailed scheme of merger with Finbank, which it acquired recently. FCMB recorded a turnover of 252.61 million shares worth N803.52 million in 403 deals, representing about 28 per cent of total turnover. In what underlined the favourable demand-supply position of the bank’s shares, FCMB’s market consideration rose by 4.28 per cent to close at N3.17 per share. Market analysts said investors were taking positions in FCMB ahead of the expected value creation from the business combination, while investors who had bought the shares of the bank at relatively lower prices were taking profits from recent capital gains. Zenith Bank was the second most active stock with a turnover of 137.95 million shares valued at N2.21 billion in 329 deals. Transactions on Zenith Bank were mostly cross deals, indicating possible inhouse transactions. Mansard Insurance recorded a turnover of 110.01
million shares worth N198.02 million in 10 deals. Cornerstone Insurance saw exchange of 109.33 million shares worth N54.67 million in 26 deals. The Nation learnt that the transactions on Cornerstone Insurance were cross deals by a foreign-affiliated brokerage firm, and they may not be unconnected with the impending merger of the company with Linkage Assurance. Other banks with substantial turnover included First Bank of Nigeria, Skye Bank, United Bank for Africa and Diamond Bank. Altogether, the banking subsector recorded a turnover of 538.48 million shares valued at N4.22 billion in 2,839 deals. Insurance subgroup accounted for a turnover of 249.73 million shares worth N274.4 million in 183 deals. Meanwhile, Nigerian Breweries led the overtly bullish market with the highest value gain of N1.50 to close at N136.50. Julius Berger Nigeria followed with a gain of N1.30 to close at N28.80. Dangote Cement gained N1.24 to close at N116.26, while UAC of Nigeria added N1 to close at N42. On the other hand, Morison Industries led the losers with a drop of 28 kobo to close at N5.46. Diamond Bank lost 16 kobo to close at N3.53 while Nigerian Aviation Handling Company dropped 10 kobo to close at N6 per share.
NIGERIAN STOCK EXCHANGE DAILY SUMMARY AS AT 19-9-12