Kayode Ekundayo
15 October 2008
Lagos — Bears continue to dominate the activities on the trading floor of Nigerian Stock Exchange despite assurance by the regulatory authorities and the Federal Government that the nation's market is strong.
The market lost a total of N62 billion about 0.7 per cent on Tuesday to close at N9.314 trillion. This was against the previous dayN9.381 trillion. All-share index also drop 0.09 points. As against the value of 44,057.05 on Monday it closed at 44,056.96 on Tuesday.
Investors traded 204.410 million shares valued at N1.258 billion exchange in 4,966 deals on Monday as against 252.293 million shares worth N2.948 billion in 6,252 deals on Tuesday. Banking sub-sector led all other sectors to emerge the most traded sector with 179.839 million shares worth N2.624 billion in 3,692 deals with shares of Platinumhabib Bank Plc as most traded stock with 114.419 million shares worth N1.744 billion in 374 deals, followed by Insurance sub sector with 35.146 million shares valued at N50.443 million shares in 549 deals with share of Investment and Allied Assurance Plc as it traded 17.161 million shares valued at N12.699 million in 109 deals. However, only Platinnumhabib Bank Plc recorded gain with N0.32 kobo to close at N15.50 kobo.
But 59 equities were on losers chart with the share of Nigerian Breweries Plc led other losers with N0.41 kobo to close at N40.79 kobo followed by Union Bank of Nigeria Plc with N0.39 kobo to close at N39.57 kobo, WAPCO Plc, Zenity Bank Plc and Ashaka Cement Plc with N0.37 kobo, N0.33 kobo and N0.30 kobo respectively. All the measures introduced by the Federal Government through the capital market recovery committee headed by the minister of finance, Samsudeen Usman are yet to make any impact in the market. Professor Chris Odozie, an economist said government should provide stabilization fund to support the market, adding that allowing the banks to do that alone would create oligopoly market.
Be the first to Write a Comment!
Copyright © 2008 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
