Michael Eboh and Providence Obuh
15 October 2008
The declining trend of the Nigerian stock market continued on Monday, as the indices for measuring performance of listed securities on the Nigeria Stock Exchange (NSE), the All-share index and market capitalisation depreciated by 0.73 per cent each.
Specifically, the index which opened at 44,380.96 points dipped by 323.91 basis points to close at 44,057.05 points while the capitalisation dipped by N68.97 billion to close at N9.38 trillion from N9.45 trillion.
This was even as only one stock, newly listed Multiverse Resources Plc, recorded the only share price gain. It garnered N0.08 to close at N2.15 per share from N2.07 per share.
The drop in the market indices was as a result of losses on the share price of majority of the blue chip companies, with Julius Berger Nigeria Plc recording the highest share price loss, dropping by N70.72 to close at N71.34 per share, from N72.06 per share, Benue Cement Company Plc followed with a loss of N0.44 to close at N43.76 per share and Nigerian Breweries Plc dipped by N0.41 to close at N0.41 to close at N41.20 per share.
Other share price losers include: Union Bank Nigeria Plc N0.40, Lafarge Cement WAPCO Plc N0.37, Zenith Bank Plc N0.34, First Bank of Nigeria Plc N0.25, Intercontinental Bank Plc N0.23, United Bank for Africa Plc N0.23, Dangote Sugar Refinery Plc N0.21 among others.
Equity trading depreciated by 21.13 per cent as a turnover of 204.41 million shares valued at N1.26 billion was recorded in 4,966 deals in contrast to Friday's turnover of 259.17 million shares valued at N1.66 billion in 6,177 deals.
The Banking subs-sector dominated the other sub-sectors, accounting for 55.7 per cent of the market turnover with 113.84 million shares valued at N901.68 million in 2,658 deals. Trading in the sub-sector was driven by activity in the shares of Spring Bank Plc with the exchange of 85.15 million shares valued at N475.99 million in 205 deals, followed by Sterling Bank Plc with a turnover of 7.05 million shares valued at N35.97 million in 52 deals and GTBank Plc recorded 6.1 million shares valued at N120.48 million in 343 deals.
The Insurance sub-sector followed on the sectorial analysis, accounting for 16.01 per cent of the market turnover with 32.72 million shares valued at N65.82 million in 374 deals. Mutual Benefits Assurance Plc recorded the highest patronage in the sub-sector, trading 12.24 million shares valued at N30.72 million in 26 deals, followed by Investment and Allied Assurance Plc with the exchange of 11.77 million shares valued at N8.71 million in 94 deals and Goldlink Insurance Plc recorded 2.89 million shares valued at N4.25 million in 22 deals.
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