[2008-07-09]  IAA shares drive turnover
The shares of Investment and Allied Assurance Plc drove turnover volume at the end of trading on the first day of the week. IAA shares, which had driven volume for most part of last week, traded 495.965mn shares, worth NGN411.958bn in 1,121 transactions. It accounted for 84 percent of total turnover and 50 percent of the insurance sub-sector’s volume. Insurance sub-sector shares remained the most sought after with investors exchanging 592.452mn shares, worth N762.296m in 3,337 transactions. The sub-sector accounted for 60 percent of total volume traded on Monday. In all, investors exchanged 984.550mn shares, valued at N7.608bn in 15,498 transactions, compared with 1.179bn shares, worth NGN6.575m traded last Friday in 18,446 deals. The market capitalisation of the 312 listed equities closed lower, sliding by NGN107m or one per cent to close at NGN10.769tn from NGN10.876tn last Friday. Similarly, the All-Share Index of the Nigerian Stock Exchange slipped by one per cent from 55,456.58 to 54,908.50. Guinness Nigeria Plc led the price gainers’ table with a gain of NGN4.99 to close at NGN128 per share while Ecobank Transnational Incorporated Plc gained NGN1.83 to close at NGN38.61 per share. The shares of Eterna Oil and Gas Plc and Flour Mills Nigeria Plc also gained NGN1.36 and N0.60 respectively to close at N30.97 and NGN85.60 per share. On the other hand, petroleum giant, Chevron Oil Nigeria Plc, lost NGN17.39 to close at NGN338.10 per share. West African Portland Cement Company Plc also lost NGN2.61 to close at NGN50.40. Ashaka Cement Plc and Dangote Sugar Refinery Plc slipped by NGN1.86 and NGN1.69 in that order to close at and NGN40.80 and NGN32.31 per share.

Source: Punch