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Nigerian Stock Exchange Watch: Transcorp Trade Boosts Market Volume by 366%

By Afolabi Ogunde on April 12, 2012

The Stock market dipped today, shedding 35 points and bringing the ASI to settle at 20,742.10.

Losses were sustained by selling pressure on several bluechips including Dangote Cement, Guinness, Dangote Flour and Mobil.

The banking sub-sector saw Sterling (+4.35%) rally on the back of a dividend announcement today, consolidating on yesterday’s gains. Also following the same trajectory Union Bank (+4.83%) and Stanbic (+1.02%).

Top tiers Zenith (+0.08), GTBank (0.14%) an UBA (+0.38) also recorded marginal gains.

On the flip side in negative territory were Access (-3.33%), Diamond (-1.57%) and Fidelity (-2.07%).

Across the building materials sub-sector, CAP (+3.33%) was the only participant in the green. Dangote Cement shed a basis point as likewise yesterday, whilst CCNN (-4.40%) recorded much deeper price depreciation.

The Insurance sub-sector was dominated by the bears as Intercontinental Wapic (-3.64%), Custodian (-3.45%), and GTAssure (-1.9%) sustained price depreciation. Continental Reinsurance was the only participant in the sub-sector with an uptick, gaining 326 points.

Conoil (-4.99%), Mobil (-4.78%), and Oando (-2.23%) succumbed to selling pressure. Eterna Oil on the other hand gained 483 points.

A huge cross deal on the Transcorp stock caused the price to depreciate by 385 points. Over 611 million units of the stock were traded causing the market volume to spike by 366% from yesterday’s levels.

The value of shares traded also increased by 49% at N 2.13 billion against yesterday’s N 1.43 billion.

Topping the price appreciation chart were: