Print. 
While markets elsewhere generally closed higher on news of a robust economic package to stimulate the U.S. economy, the NSE had a choppy day that saw many stocks in the red. The All-Share Index also took a hit, closing the day some 100 points (0.17%) lower. Other market indices reflected the negative mood of the day's trade, as market capitalisation, total trades and market volume ended lower by 0.17%, 6% and 12% respectively. Analysts could not put a specific finger to the cause of the downward direction, except for the impact of new share offers that continue to suck funds out of the secondary market. Perhaps the delay in the passage of the 2008 Appropriation Bill and the no-yet-so-clear signals as to the economic momentum of the government is also keeping the market generally cautious.
Though more stocks (61) gained than lost (50) value, the higher values of key losses and heavier capitalisations of the companies weighed down the All-Share. Petroleum stocks were the most hit. Chevron led the losing pack with a chunky N12.00 off its price, while Mobil, Total and AP followed with N7.33, N7.00 and N5.00. Nestle (N8.69) and Oando (N6.45) were the major gainers, with Conoil and BCC also picking decent gains of N2.90 and N2.30. The banking sector also bled significantly as most banking sector stocks not on suspension closed the day lower. Oceanic Bank took the most hit, losing N0.80 in the day's trade while FCMB and Afribank followed with losses of N0.50 and N0.45 respectively. Diamond Bank and Access defied that pull, picking gains of N0.50 and N0.45 respectively. The insurance sector was a mixed bag, with gains and losses almost evenly sprinkled. See full chart of price movements here.
| TOP VOLUME TRADES: 24/01/2008 | ||||
| Company | Volume (Units) |
Value ( |
Price Change |
Closing ( |
| CONTINSURE | 84,027,756 | 367,045,859.53 | -0.05 | 4.35 |
| EQUITYASUR | 80,051,367 | 316,138,085.95 | -0.14 | 3.89 |
| DUNLOP | 70,357,961 | 268,335,846.36 | -0.03 | 3.92 |
| LASACO | 63,188,715 | 274,983,711.26 | 0.19 | 4.48 |
| NEM | 52,728,718 | 210,314,348.18 | 0.00 | 3.99 |
| TRANSCORP | 47,803,801 | 139,517,641.53 | -0.02 | 2.97 |
| STACO | 34,535,082 | 171,133,912.15 | 0.22 | 4.98 |
| LINKASSURE | 29,716,069 | 126,500,743.55 | -0.18 | 4.11 |
| FIDELITYBK | 28,907,283 | 324,800,045.08 | -0.30 | 11.36 |
| STDINSURE | 24,437,059 | 111,305,851.67 | -0.10 | 4.49 |
| Read Full Trading Results here» | ||||
The most heavily bought stocks were of the insurance sector. Top-ten trades had seven insurance stocks with only Dunlop, Transcorp and Fidelity Bank as outsiders. The most bought insurance stock was Continental Re, with Equity Assurance, LASACO, NEM, Staco, Linkage Assurance and Standard Alliance following in that order. Investor interest in the insurance sector continues to stay strong, helping the sector maintain active transactions momentum.
Banking sector activity was also characteristically strong, keeping the sector ahead in terms of transaction values. Nine banks ranked in the top ten trade values, with Zenith bank (N715m), Intercontinental (N659m) and Oceanic Bank (N561m) as leaders.
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