Trading activities at the Lagos floor of the Nigerian Stock Exchange (NSE) hit a one-week high yesterday as volume traded rose to 810.2 million from 689.9 million, representing a 17.4 percent increase.

This was the second time trading volume came close to a billion after it recorded 888.3 million on Friday, a fortnight ago.

However, it did not translate into a corresponding rise in the market capitalization and All-share index, which further receded by 0.3 per cent, dropping to N11.491 trillion and 59,440.91 from N11.534 trillion and 59,663.22 points respectively.

Bank equities accounted for about 70 per cent of total volume traded as 476,373,030 units of shares changed hands in 8,076 deals valued at N10.9 billion. And for the second consecutive day, First Inland Bank was the highest volume driver as it traded over 160 million shares in 342 deals worth N1.8 billion. Only yesterday, the equity traded over 106 million shares. United Bank for Africa, Oceanic Bank and Unity Bank Plc followed in that order as volume drivers.

The insurance sub-sector also witnessed intensive trading rising by 16.1 per cent over quantity traded the previous day. Of the 192.064 million shares traded on the sector, Universal Insurance equities accounted for 90.5 million in 1,007 deals worth over N728 million shares.

In the Conglomerates sector, which traded over 34 million shares, Transcorp was the highest volume driver of the sector with 30.3 million, accounting for over 95 per cent of the volume of business in sector. Automobile and Tyre sub-sector also experienced fairly high transactions with 25.1 million shares traded. Trading 25 million, Dunlop Nigeria Plc was the toast of investors accounting for over 98 per cent of trade in the sector.

In spite of the increased volume of shares traded, the Market Capitalization and All-Share Index dropped marginally largely due to price cut which hit 54 equities below opening price lines. Leading 53 other price losers in the chart, Conoil and Guinness shed 525 kobo and 299 kobo each to close the day at N122.50 and N129.51 respectively.

Wapco, Eterna Oil, Arbico and Flour Mill went down with 248 kobo, 180 kobo, 147 kobo and 142 kobo each closing at N54.02, N34.20, N28.04 and N87.92 in that order.
Other price losers on the top ten table were Ashaka Cement, Unilever, Nigeria Bottling Company and Premiere Paints which lost 124 kobo, 114 kobo, 100 kobo and 93 kobo each to close at N41.01, N22.80, N60.00and N17.82 respectively.

Conversely, only 32 equities experienced price rally with Oando, Ecobank Transnational Incorporated and Nigeria Breweries on top of price gainers with 800 kobo, 349 kobo and 200 kobo closing at N229, N249.99 and 51.00.

Dangote Flour continued its price run from yesterday as it chalked up 133 kobo to close at N27.93. Afribank Plc which yesterday presented its facts behind the figures to the market operators also chalked up 105 kobo to close at N25.94. Glaxo Smithkline gained 105 kobo also to close at N22.20.
Other price gainers on the top ten were Presco, C&I Leasing, Benue Cement Company and First Inland Bank with each appreciating by 85 kobo, 71 kobo, 61 kobo and 54 kobo to close at N17.85, N15.07, N46.00 and N11.52 respectively.