Michael Eboh
21 November 2008
The bearish trend in the Nigerian capital market continued for the second day running as only twelve stocks recorded share price gain, forcing the value of listed equities on the Nigerian Stock Exchange (NSE) to drop by N256.26 billion.
Specifically, the market capitalisation which represents the value of the entire securities listed on the NSE, dipped by 3.07 per cent to close at N8.100 trillion from N8.356 trillion at which it opened. Another of the market indices, the All-share index, dropped by 1,161.18 basis points or 3.07 per cent to close at 36,703.98 points from 37,865.16 points.
On a day of massive losses, BOC Gases Plc recorded the highest share price gain, rising by N0.85 to close at N17.90 per share, UACN Property Development Company Plc followed with a gain of N0.80 to close at N26.80 per share and International Breweries Plc garnered N0.35 to close at N7.50 per share.
Other share price gainers include: Dangote Flour Mills Plc N0.31, Livestock Feeds Plc N0.17, Sterling Bank Plc 0.10, Standard Alliance Insurance Plc N0.09, Stanbic IBTC Bank Plc N0.08, Transnational Corporation of Nigeria Plc N0.08, Sovereign Trust Insurance Plc N0.06, Regency Alliance Insurance Plc N0.05 and Multiverse Resources Plc N0.04.
On the contrary, 73 stocks recorded share price loss, with Guinness Nigeria Plc recorded the highest loss, dropping by N5.45 to close at N103.55 per share from N109.00 per share, Oando Plc followed with a loss of N5.37 to close at N102.50 per share and Flour Mills Nigeria Plc dipped by N2.59 to close at N49.41 per share.
Other share price losers include: Nigerian Breweries Plc N2.16, Benue Cement Company Plc N1.51, Zenith Bank Plc N1.43, Ashaka Cement Plc N1.37, First Bank of Nigeria Plc N1.37, UAC Nigeria Plc N1.10, Union Bank Nigeria Plc N1.05 among others.
The declining trend was also recorded in equity trading, as turnover dipped by 34.41 per cent. Particularly, a turnover of 415.67 million shares valued at N2.75 billion was recorded in 10,935 deals, in contrast to the previous day's turnover of 633.76 million shares valued at N5.55 billion in 11,435 deals.
The Banking sub-sector dominated the other sub-sectors, accounting for 35.12 per cent of the market turnover with 145.99 million shares valued at N1.44 billion in 5,631 deals. Fidelity Bank Plc emerged the most active in the sub-sector, trading 31.2 million shares valued at N181.53 million in 537 deals, followed by Spring Bank Plc with the exchange of 20.03 million shares valued at N111.98 million in 97 deals and Stanbic IBTC Bank recorded 16.03 million shares valued at N154.08 million in 71 deals.
The Insurance sub-sector followed on the sectorial analysis, accounting for 31.5 per cent of the market turnover with 130.93 million shares valued at N188.03 million in 1,503 deals. Investment and Allied Assurance Plc recorded the highest patronage in the sub-sector, trading 38.11 million shares valued at N19.05 billion in 142 deals, followed by Standard Alliance Insurance Plc with the exchange of 20.5 million shares valued at N39.04 million in 314 deals and Sovereign Trust Insurance Plc recorded 15.94 million shares valued at N25.05 million in 75 deals.
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