Nigeria: Equities' Value On NSE Dips Further By N37.32 Billion

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Vanguard (Lagos)

28 August 2008
Posted to the web 28 August 2008

Michael Eboh & Providence Obuh

The bearish trend on the Nigerian Stock Exchan-ge (NSE) continued yester-day, as the value of listed securities dipped by N37.32 billion. This was represented by the depreciation in the market capitalisation, which dropped by 0.42 per cent to close at N8.81 trillion from N8.85 trillion at which it opened.

Another performance indices, the All-share index also depreciated by 0.42 per cent, shedding 182.01 basis points from 43,382.48 points at which it opened, to close at 43,199.47 points.

Losses on the prices of majority of the blue chips companies continued to account for the drop in the market indices, as Mobil Oil Nigeria Plc recorded the highest share price loss, dropping by N19.10 to close at N362.90 per share from N382.00 per share at which it opened, followed by Nestle Nigeria Plc with a loss of N9.00 to close at N171.00 per share and Oando Plc dipped by N6.07 to close at N115.43 per share.

Other share price losers include: Julius Berger Nigeria Plc N1.95, Lafarge Cement WAPCO Plc N1.84, Benue Cement Company Plc N1.33, UAC Nigeria Plc N1.00, Cadbury Nigeria Plc N0.99, Unilever Nigeria Plc N0.96, Okomu Oil Palm Plc N0.95 among others.

Conversely, Chevron Oil Nigeria Plc recorded the highest share price gain, rising by N16.19 to close at N400.00 per share from N383.81 per share at which it opened, followed by Guinness Nigeria Plc with a gain of N4.00 to close at N120.00 per share and Flour Mills Nigeria Plc garnered N1.99 to close at N61.99 per share.

Other share price gainers include: Ashaka Cement Plc N1.15, Dangote Sugar Refinery Plc, Dangote Flour Mills Plc N0.75, United Bank for Africa Plc N0.64, UAC Property Development Company Plc N0.53, PZ Cussons Nigeria Plc N0.52, First Bank of Nigeria Plc N0.50 among others.

Equity trading dipped by 38.33 per cent as a turnover of 403.05 million shares valued at N5.1 billion was recorded 12,801 deals, in contrast to the previous day's turnover of 653.56 million shares valued at N3.93 billion in 8,548 deals.

The Banking sub-sector dominated transactions, accounting for 53.83 per cent of the market turnover with 216.95 million shares valued at N3.54 billion in 6,641 deals. Fidelity Bank Plc emerged the most active in the sub-sector, trading 50.43 million shares valued at N374.68 million in 30 deals, followed by Access Bank Plc with the exchange of 22.85 million shares valued at N258.44 million in 432 deals and Oceanic Bank International Plc recorded 22.63 million shares valued at N400.81 million in 943 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 21.06 per cent of the market turnover with 84.87 million shares valued at N127.71 million in 1,542 deals. Investment and Allied Insurance Plc recorded the highest patronage in the sub-sector, trading 35.28 million shares valued at N26.11 million in 310 deals, followed by NEM Insurance Company Plc with a turnover of 8.49 million shares valued at N15.65 million in 194 deals and Universal Insurance Plc recorded 5.09 million shares valued at N5.15 million in 175 deals.

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