Market suffer set back following heavy loses in petroleum stocks
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Chevron Nig. Plc, Mobil Oil Nig; Total Nig. and African Petroleum fell by a cumulative price depreciation of N31.33.
The down trend of investment in the oil firm sub-sector saw the market capitalization slipping to N10.523 from N10.54, while the all- share index dipped to 57,837.34 from 57,936.99.
Experts are of the opinion that the goodwill of African Petroleum which had rubbed off on other stocks in the petroleum sub-sector may have necessitated the new turn of event since AP had since being witnessing fall in prices.
Further analysis of activities in the day, revealed that the Insurance sub-sector still maintained its top position in the sub-sectorial level with a total of 480.3 million worth N2.22 billion exchanged by investors in 5,817 deals. The sub-sector was greatly driven by the shares of Continental Reinsurance 84 million, Equity Assurance Plc 80 million and LASACO Assurance 63.1 million ordinary shares.
The banking sub-sector followed closely with a turnover of 232. 2 million ordinary shares valued at N5.85 billion. The sub-sector was heavily driven by shares of Fidelity bank, Oceanic bank and Diamond bank with 28.9 million, 20.5 million and 20.4 million shares respectively.
Conversely, Nestle Nig, Oando plc, Conoil plc, BCC and 7UP Plc were the top five gainers. They recorded price loss of N8.69, N6.45, N2.90, N2.30 and N1.50 to close at N287.99, N135.45, N85.90, N48.30 and N48.00 respectively.
In the day a total of 948.2 million shares were traded in 20,042 deals and valued at N10.9 billion
The down trend of investment in the oil firm sub-sector saw the market capitalization slipping to N10.523 from N10.54, while the all- share index dipped to 57,837.34 from 57,936.99.
Experts are of the opinion that the goodwill of African Petroleum which had rubbed off on other stocks in the petroleum sub-sector may have necessitated the new turn of event since AP had since being witnessing fall in prices.
Further analysis of activities in the day, revealed that the Insurance sub-sector still maintained its top position in the sub-sectorial level with a total of 480.3 million worth N2.22 billion exchanged by investors in 5,817 deals. The sub-sector was greatly driven by the shares of Continental Reinsurance 84 million, Equity Assurance Plc 80 million and LASACO Assurance 63.1 million ordinary shares.
The banking sub-sector followed closely with a turnover of 232. 2 million ordinary shares valued at N5.85 billion. The sub-sector was heavily driven by shares of Fidelity bank, Oceanic bank and Diamond bank with 28.9 million, 20.5 million and 20.4 million shares respectively.
Conversely, Nestle Nig, Oando plc, Conoil plc, BCC and 7UP Plc were the top five gainers. They recorded price loss of N8.69, N6.45, N2.90, N2.30 and N1.50 to close at N287.99, N135.45, N85.90, N48.30 and N48.00 respectively.
In the day a total of 948.2 million shares were traded in 20,042 deals and valued at N10.9 billion
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