A cross deal on the sharfinbank-logoes of First Inland Bank Plc on Tuesday revved up activity at the Nigeria Stock Exchange (NSE). With a total turnover of 502.526 million shares valued at N2.661 billion in 7,099 deals, Finbank accounted for 135.083 million shares worth N83.9 million in 163 deals, representing 26.9 percent of total turnover.

Yesterday’s turnover rose by 26.5 percent above preceding day’s turnover which stood at 369.476 million worth N1.606 billion in 7,183 deals. In spite the high turnover it recorded, the stock did not experience price movement as the share price remained stable at 63 kobo at which it had opened. It had gained 1 kobo previous day.

An impeccable source disclosed to Daily Sun that it should not be ruled out investors interested in buying key stakeholding were mopping up the shares of the bank whose share price has since fallen below book value. According to the stockbroker, the shares mop up would continue in the weeks ahead until the required volume is secured. However, it could not be ascertained whether the investors are likely to buy shares enough to become core investors with more than 50 percent stake.

If this happens, it will put to rest speculations that the eight rescued banks would be acquired by some powerful interests in hostile takeover. Only recently, it was reported in a national daily (not Daily Sun) that the Managing Director of one the rescued banks had been using fronts to mop up shares of the bank where the boss is charge, fuelling speculations that what concerned stakeholders of the industry feared had chanced.

Meanwhile, the bear rush on Tuesday threatened the long dominance of the bulls as the gap between share price gainers and losers narrowed down significantly. A total of 32 stocks gained prices compared to 31 that traded at losses, suggesting that the bears might soon overrun the trading floor.

However, market twin performance indicators of All-Share Index and market capitalisation edged up by 0.21 percent. Market capitalisation gained N11.46 billion to close at N5.325 trillion, up from N5.314 trillion while All-Share Index rose 47.86 basis points to close at 22,231. 66, up from 22,183.80 points.
The NSE-30 Index appreciated marginally closing at 885.72 up from 883.19 previo9us day. Apart from the NSE Insurance Index which dropped to 230.54 from 234.04 recorded the previous day, other two sectorial indices of NSE Food/Beverage Index and NSE Banking Index appreciated marginally closing at 557.96 and 363.64 up from 556.21 and 361.40 respectively, while NSE Oil/Gas remained stable at 299.26.

The Banking sub-sector remained the most active with investors grabbing a total of 339.390 million shares worth N2.024 billion in 3,932 deals. Finbank Plc was the active stock accounting for over 39.8 percent of the sub-sector’s turnover.
Top on the gainers’ table were Ashaka Cement and Cement Company of Northern Nigeria which tied at 65 kobo gain apiece to close at N13.67 and N14.15 per share while Cadbury Nigeria Plc gained 64 kobo to close at N13.44 per share.
On the loseres’ table, Alumaco, Julius Berger, and Glaxo Smithkline were chief losers dropping 138 kobo, 110 kobo, and 99 kobo in that order to close at N26.33, N28.50, and N22.01 per share respectively


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