AP shares finally make gainers' chart

African Petroleum (AP) Plc's share that has been topping the Nigerian Stock Exchange (NSE) losers' chart for weeks finally appreciated on Wednesday.

The stock gained N2.44 on its N48.91 per share to close at N51.35 at Wednesday's trading.

The increase in the share price of AP came two days after the company alleged that Nova

Finance and Securities Limited, and Alhaji Aliko Dangote are influencing the rapid

decline in its share prices.

The company's share price that was worth N293 per share at the beginning of the year declined to N48.91 as at Tuesday, 24th March, 2009.

Sola Oni, Assistant General Manager, Corporatre Affairs Department of the Nigerian Stock Exchange, refused to comment on AP's allegation.

He said that the NSE will inform the public once their full scientific and technical investigations to determine the veracity of the claim are completed.

Meanwhile, stock market struggles to gain after Wednesday's trading.

The NSE's market capitalisation gained 0.01 per cent, or N528.52 million to close at N4.507 trillion.

The index of all the shares traded however lost 58.73 points, or 0.29 per cent, to close at 19,959.87 points from 20,018.60 points it opened the day.

A total of 206,417,892 quantities of stocks, valued at N1.187 billion were recorded in 5,888 deals. While 26 stocks appreciated in share price, 46 others record loses.

7UP Bottling Company Plc and Mobil Oil Nigeria Plc followed AP Plc in the price gainers' chart with an increase of N1.20 and 41 kobo respectively on their initial prices of N37.80 and N87.60 per share.

Oando Oil Plc led the price losers' chart with a loss of N2.90 to close at N62.10 per share.

Ecobank Transnational Incorporation Plc and Glaxo Smithkline Consumer Plc followed in the losers' chart declining by 73 kobo and 70 kobo respectively, to close at N13.89 and N15.50 per share.

The banking sub-sector maintained its lead on the most active sub-sectors' chart with 97,880,146 quantities of shares, valued at over N716.613 million in 3,566 transaction.

Trading in this sector was driven by activities in the shares of First Bank of Nigeria Plc, Bank PHB Plc, and Access Bank Plc.

The insurance sub-sector followed with 76,395,389 shares, worth N181.616 million in 443 deals.

Custodian and Allied Insurance Plc, N.E.M Insurance Company (Nig.) Plc, and Cornerstone

Insurance Company Plc drove the volume in this sub-sector.

The Information Communication sub-sector was third in the chart, with 7,602,905 shares worth N12.149 million in 86 deals.

The share value volume in this sub-sector was boosted by activity in the shares of Chams Plc, Starcomms Plc, and MTI Nigeria Plc.