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Nigeria: Bears Deflate NSE Index, Capitalisation By 0.1 Percent
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Vanguard (Lagos)
14 May 2008
Posted to the web 14 May 2008
Micheal Eboh
Lagos
A bearish trend was recorded on the Nigerian Stock Exchange (NSE), as the performance indicators, the All-share index and market capitalisation both dipped on Tuesday by 0.1 per cent each.
The index which opened at 62,526.24 points dipped by 62.68 points to close at 62,463.66 points while the capitalisation dipped by N12.14 billion to close at N12.11 trillion from N12.12 trillion at which it opened.
Costain (West Africa) Plc recorded the highest share price gain, rising by N2.29 to close at N43.70 per share from N45.99 per share at which it opened, followed by Ecobank Transnational Incorporated with a loss of N2.22 to close at N246.78 per share and Union Bank Nigeria Plc dipped by N1.69 to close at N38.51 per share.
Other share price losers include: G. Cappa Plc N1.63, First Bank Nigeria Plc N1.57, Northern Nigeria Flour Mills Plc N1.42, Dangote Flour Mills Plc N0.96, Nigerian Ropes Plc N0.70, Oceanic Bank International Plc N0.61, PZ Cussons Nigeria Plc N0.59 among others.
On the contrary, Nestle Nigeria Plc recorded the highest share price gain, rising by N11.20 to close at N235.37 per share from N224.17 per share at which it opened, Oando Plc followed with a gain of N5.01 to close at N215.01 per share and CAP Plc garnered N2.38 to close at N50.15 per share.
Other share price gainers include: Ashaka Cement Plc N2.28, United Bank for Africa Plc N2.00, Cadbury Nigeria Plc N1.40, UACN Property Development Company Plc N1.32, Lafarge West African Portland Cement Company Plc N1.21, Airline Services and Logistics Plc N0.94, Presco Plc N0.93 among others.
The declining trend was also extended to equity trading, as a turnover of 550.13 million shares valued at 8.63 billion was recorded in 18,051 deals, representing a depreciation of 25.12 per cent from the previous day's turnover of 734.73 million shares valued at N8.40 billion in 19,161 deals.
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The Insurance sub-sector emerged the most patronised, as it accounted for 40.14 per cent of the market turnover with 220.82 million shares valued at N1.06 billion in 3,434 deals. Shares of
Cornerstone Insurance Company Plc emerged the most sought after in the sub-sector, trading 36.44 million shares valued at N182.56 million in 408 deals, followed by Custodian and Allied Insurance Plc with a turnover of 34.25 million shares valued at N250.8 million in 130 deals and Universal Insurance Plc recorded 26.34 million shares valued at N78.51 million in 933 deals.
The Banking sub-sector followed on the sectorial analysis, accounting for 35.79 per cent of the market turnover with 196.87 million shares valued at N4.81 billion in 8,453 deals. Ecobank Transnational Incorporated recorded the highest transaction in the sub-sector with a turnover of 22.34 million shares valued at N239.02 million in 683 deals, followed by Sterling Bank Plc with the exchange of 19.88 million shares valued at N163.8 million in 396 deals and Intercontinental Bank Plc recorded 19.52 million shares valued at N884.67 million in 516 deals.
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