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Nigerian Stocks: Access Bank, Unilever Among Most Active Shares

By Paul Okolo

Nov. 2 (Bloomberg) -- Nigeria’s benchmark All-Share Index fell 139.23, or 0.6 percent, to 21,665.46, according to data obtained from the Nigerian Stock Exchange’s Web site.

Access Bank Plc (ACCESS NL), a Nigerian lender, fell to its lowest price in five weeks, declining 30 kobo, or 4.9 percent 6.07 naira. The NGSE’s Banking index, which comprises the 10 most capitalized and liquid companies in the industry, fell to a 52-week low of 345.43 today.

Banking shares are falling because the Central Bank of Nigeria’s order that the institutions provide for their losses this year means investors don’t expect any returns from them in 2009, Mike Uzor, who heads Datatrust Consult, a fund manager, said in a telephone interview from Lagos.

Unilever Nigeria Plc (UNILEVER NL), a maker and marketer of consumer products, rose 75 kobo, or 5 percent, to 15.82 naira after it said profit for the nine months through September more than doubled to 3.86 billion naira ($215.76 million) while sales increased 17 percent to 32.6 billion naira.

To contact the reporter on this story: Paul Okolo in Abuja pokolo@bloomberg.net

Last Updated: November 2, 2009 10:29 EST

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