Top Stories
ICPC swoops on Imo LG Bureau Officials
By CHUKS EHIRIM, Abuja
THE game is up for corrupt officials of the Bureau of local government and chieftaincy Affairs, the body that oversees the management and disbursement of funds to local government councils in Imo State, as they are now chatting with the...
 Iwu in fresh trouble
From CHUKS EHIRIM, Abuja
AS dust raised by the controversial 2007 election are yet to settle, Chairman of the Independent National Electoral Commission (INEC), Professor Maurice Iwu, appears headed for yet another storm with....
Tribal war looms in Cross River
CROSS River is gradually on the edge of a precipice as the two dominant tribal groups, the Efik and Atan, are deeply divided in a seeming war of political hegemony in the State. This is believed not to be unconnected with the political colouration that Liyel Imoke introduced during the brief period he was governor before his...  
Raymond Obieri: Good to Great
By KELECHI DECA
“He who sacrifices a whole offering shall be rewarded for a whole offering; he who offers a burnt offering shall have the reward of a burnt offering; but he who offers humility to God and man shall be rewarded with a reward...
Huawei Nigeria:The Innovative Edge
By KELECHI DECA
IF you take a good look at that CDMA cell phone is your hand or the desk phone on your table, there is a surety it has a Huawei logo or name emblazoned on it. Almost 70% of all such...

NEWS
• Ohakim, Udenwa in cold war
• Seven UNIMAID students arraigned for cultism
• Labour leader advocates raise in NYSC members allowances  
• Ibru advocates capacity building among youths
• Seven stores, eight houses razed
• New Law on House rent for Enugu passed
• Yar'Adua commends NYSC on nation building
• Okiro's friends donate office complex to FUTO  
• Wamakko orders N1.7b rice for sale to public
• Ebonyi Radio GM, two others charged with attempted murder
• ICPC blows own trumpent 
• Media reports can jeopardize national security –Army Commander
• NYSC member donates writing materials to school
•Polio cripples 68 children  
• Border clashes imminent between C/River, Abia
• Four docked for alleged armed robbery
• PDP chieftain rallies support for Daniel
• NLC boss escapes lynching
• Court bars Speaker from swearing in APGA candidate
• Fashola wants prisons relocated from residential areas
• Lady Nyako tackles Girl- child education
• Wamakko trains 25,000 unemployed youths

Relating Stories

• Niger Delta crisis: FG goes tough
• Solar assembly plant underway in Imo
• NCC plans to deter phone theft
• National Shame: Office of Federal Auditor-General in N16m debt
• DMO says only 40 per cent Nigerians enjoy electricity
• Insurance, Banks stimulate market
• Insurance drives trading

 

 

 

 

 

Insurance, Banks stimulate market

•As market remains bearish

THE Insurance subsector was the most active during the week (measured by turnover volume), with 1.4 billion shares worth N2.25 billion exchanged by investors in 10,836 deals. Volume in the Insurance subsector was largely driven by activity in the shares of Investment and Allied Assurance Plc. Trading in the shares of the Insurance Company accounted for 880.7 million shares, representing 63.7per cent of the subsector's turnover.

The Banking subsector, boosted by activity in the shares of First Bank of Nigeria Plc, First City Monument Bank Plc and Afribank Nigeria Plc, followed on the week's activity chart with a turnover of 1.3 billion shares valued at N30.22 billion in 38,082 deals. In the preceding week, the Insurance subsector led on the activity chart and was followed by the Banking subsector. A turnover of 3.25 billion shares worth N43.71 billion in 72,486 deals was recorded in the week, in contrast to a total of 3.11 billion shares valued at N38.16 billion exchanged the previous week in 72,680 deals.

The All-Share Index dropped by 5.6per cent to close on Friday at 49,703.56. The market capitalization of the 209 First -Tier equities closed lower atN10.12 trillion. Seventeen (17) stocks appreciated in price during the week, lower than the eighty (80) in the preceding week. It was evident that investors' confidence in the market is yet to be fully restored, as sources said most investors are still divesting with briefs to portfolio managers to sell off. For them to stay in cash rather than lose all their funds, following the upswing movement in value the previous week.

Eighty - Eight (88) stocks depreciated in price during the week, higher than the twenty - six (26) in the preceding week. Julius Berger Nigeria Plc led on the price losers' table, dropping by N103.12 to close at N43.12 per share while Nestle Nigeria Plc followed with a loss of N17.26 to close at N199.50 per share.

Eight equity prices were adjusted for dividend and (or) bonus as recommended by the Board of Directors. Julius Berger Nigeria Plc was adjusted for dividend of Nl.25 per share and bonus of 3 for 1. Julius Berger Nigeria Plc was adjusted for special dividend of N3.75 per share. First Bank of Nigeria Plc was adjusted for dividend of N1.20 per share and bonus of 1 for 4. Conoil Plc was adjusted for dividend of N2.75 per share. Associated Bus Company Plc was adjusted for dividend of N0.08 per share. C & I Leasing Plc was adjusted for final dividend of N0.06 per share. Lasaco Assurance Plc was adjusted for dividend of N0.08 per share. Investment and Allied Assurance Plc was adjusted for dividend of 0.8 kobo per share. Regency Alliance Insurance Plc was adjusted for bonus of 1 for 4.