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Nigeria: Market Indicators Decrease By 2.11 Percent
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Leadership (Abuja)
5 May 2008
Posted to the web 5 May 2008
The market correction that is being witnessed in the capital market since the beginning of the second quarter last week continued with significant decline in the measurement indicators-market capitalisation and all share-index.
The bearish trend saw the equity indicators nose-diving by 2.11 per cent apiece with the market capitalisation closing at N11.43 trillion, while the all share index stopped the week at 59,124.87 points.
They had opened the week at N11.68 trillion and 60,399.68 points, respectively.
Market analysts attributed the drop last week partly to reaction to the global food crisis apart from market corrections in some stocks that had recorded significant increase in the last three months, coupled with drop in the prices of some blue chips.
A breakdown of the trading activity showed that Mobil led the pack of other losers dropping by N51.77 to close at N248.21 per share, followed by Lafarge West African Portland Cement Company Plc with a loss of N11.68 to close at N51.32 per share.
Other share price losers include: Ashaka Cement Plc N7.01, Conoil Plc N5.25, Eterna Oil and Gas Plc N4.73, Nigerian Aviation Handling Company Plc N4.14, PZ Cussons Nigeria Plc N4.05, Union Bank Nigeria Plc N3.75, RT. Briscoe Plc N3.74 among others.
On the other hand, Ecobank Transnational Incorporated recorded the highest share price appreciation, rising by N6.00 to close at N244.00 per share, followed by Total Nigeria Plc with a gain of N4.35 to close at N239.95 per share, while G.Cappa Plc gained N4.04 to close at N29.80 per share.
Other share price gainers include: Oando Plc N3.00, Nigerian Breweries Plc N2.99, Dangote Flour Mills Plc N2.83, Guinness Nigeria Plc N2.57, C & I Leasing Plc N1.69, Afribank Nigeria Plc N1.55, Nigerian Bag Manufacturing Company Plc N1.54 among others.
However, transactions within the week closed on a positive note with volume of trade increasing by 1.54 per cent.
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Particularly, turnover of 2.63 billion shares valued at N47.6 billion was recorded in 66,373 deals, as against a turnover of 2.59 billion shares valued at N48.3 billion done in 80,499 deals the previous week.
The Banking sub-sector dominated transaction in the week under review, accounting for 55.33 per cent of the market turnover with 1.35 billion shares valued at N34.02 billion in 30,882 deals. First Inland Bank Plc recorded the highest patronage in the sub-sector, trading 296.45 million shares valued at N3.17 billion in 1,069 deals, followed by Intercontinental Bank Plc with a turnover of 180.52 million shares valued at N9.75 billion in 2,012 deals and Afribank Nigeria Plc recorded 101.56 million shares valued at N2.51 billion in 1,734 deals.
The Insurance sub-sector followed on the sectorial analysis with a turnover of May 2, 2008 714.18 million shares valued at N2.85 billion in12, 755 deals. Universal Insurance Plc emerged the toast of investors in the sub-sector, trading 265.75 million shares valued at N796.49 million in 4, 134 deals, followed by AIICO Insurance Plc with the exchange of 57.98 million shares valued at N315.17 million in 7578 deals and International Energy Insurance Plc recorded 52.21 million shares valued at N261.5 million in 363 deals.
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