Lafarge joins high-priced stocks, tops gainers’ table

Lafarge Cement WAPCO Nigeria Plc has been added to the list of high-priced stocks on the Nigerian stock market, bringing the number of stocks in that category to 10.

In September 2012, the Nigerian Stock Exchange (NSE) introduced the category for its market structure, consequently allowing stockbrokers to move prices of some high-priced stocks with 10,000 shares. Securities in this category, though, must have traded an average of N100 or more per share in four of the preceding six-month period.

Dangote Cement, Guinness Nigeria Plc, Nestle Nigeria Plc, Nigerian Breweries, SIM Capital Fund, Skye Shelter Fund, Nigerian Energy Sector Fund (NESF) and Total Nigeria Plc were the nine stocks in that category before the inclusion of Lafarge.

As part of its plans to improve liquidity and deepen the market, the NSE also announced a review of the prices of stocks being traded.

“A review of trading activities of the company in the last six months shows that the company met the criteria set by the Exchange,” Head, Market Surveillance of NSE, Mr. Abimbola Babalola said.

“We have observed that the prices of these high-priced stocks have been rather stable with none falling below the N100 mark, which is currently the benchmark.”

Transactions on the trading floor on Tuesday showed that the All-Share Index (ASI) ended positively, rising by 96.75 basis points or 0.24 per cent to close at 39,408.33 as against the 39,311.60 achieved last Thursday with Larfarge Wapco top on the gainers’ table by N1.98 to close at N111.99.

Okomu Oil followed with a gain of N1.78 to close at N37.80 while PZ Cussons gained N1.67 to close at N35.12 per share. Total gained N1.50 to close at N164, while Stanbic IBTC added N1.03 to close at N22.39 per share.

On the loser’s chart, Nestle recorded the highest price loss of N38.90 to close at N1,111 per share. Seplat followed with a loss of N33.33 to close at N633.46, while UBA depreciated by 30k to close at N6.75 per share.

Market capitalisation, which opened at N12.928 trillion, had a N98 billion reduction to close at N12.830 trillion.

The banking sector led the trading sector, with FBN Holdings emerging as most traded stock with an exchange of 149.22 million shares valued at N1.87 billion.

In distant second was Skye Bank, which accounted for 33.72 million shares worth N117.15 million, while GT Bank sold 24.75 million shares worth N679.14 million.
In all, investors traded N4.96 billion on 372.43 million shares, transacted in 4,984 deals as against 788.93 million shares worth N5.69 billion achieved in 4,385 deals on Thursday.