Michael Eboh and Providence Obuh
1 December 2008
The bearish trend in the capital market continued last week, as investors lost N343.36 billion on the Nigerian Stock Exchange (NSE) due to decline in the prices of quoted securities
Particularly, investors' woes were heightened by massive losses on the share prices of majority of the listed equities, which deflated the market capitalisation by 4.49 per cent. The capitalisation which opened the week at N7.645 trillion dropped by N343.36 billion to close at N7.305 trillion.
Another market indicator, the All-Share Index, also dropped by 4.72 per cent to close at 33,025.75 points from 34,660.65 points at which it opened the week.
Oando Plc recorded the highest share price loss, in the week under review, dropping by N17.96 to close at N78.99 per share, Total Nigeria Plc followed with a loss of N15.87 to close at N225.69 per share and Flour Mills Nigeria Plc dipped by N4.20 to close at N42.75 per share.
Other share price losers include: Nigerian Bottling Company Plc, N3.88; PZ Cussons Nigeria Plc, N3.85; Benue Cement Company Plc, N3.70; Zenith Bank Plc, N3.27; Ashaka Cement Plc, N2.74; Afribank Nigeria Plc, N2.71; Northern Nigeria Flour Mills Plc, N2.59 among others.
On the contrary, Costain (West Africa) Plc recorded the highest share price gain, rising by N1.68 to close at N15.68 per share, Lafarge Cement WAPCO Plc followed with a gain of N0.86 to close at N26.00 per share and First Inland Bank Plc recorded N0.83 to close at N5.96 per share.
Other share price gainers include: Glaxo SmithKline Consumer Plc, N0.83; United Bank for Africa Plc, N0.76; Oceanic Bank International Plc, N0.66; Stanbic IBTC Bank Plc, N0.55; May & Baker Nigeria Plc, N0.45; Guinness Nigeria Plc, N0.07; GTBank Plc, N0.37, among others.
Equity trading, in the week under review, depreciated by 25.31 per cent as a turnover of 1.8 billion shares valued at N13.56 billion was recorded 44,762 deals in contrast to penultimate week's turnover of 2.41 billion shares valued at N21 billion in 51,198 deals.
The Banking sub-sector dominated the other sub-sectors, accounting for 62.22 per cent of the market turnover with 1.12 billion shares valued at N10.47 billion in 27,393 deals.
Spring Bank Plc recorded the highest patronage in the sub-sector, trading 192.1 million shares valued at N1.07 billion in 463 deals, followed by First City Monument Bank Plc with the exchange of 149.38 million shares valued at N856.95 million in 945 deals and Diamond Bank Plc recorded 127.45 million shares valued at N1.01 billion in 640 deals.
The Insurance sub-sector followed on the sectorial analysis, accounting for 19.44 per cent of the market turnover with 347 million shares valued at N545.83 million in 3,988 deals.
Investment and Allied Assurance Plc recorded the highest patronage in the sub-sector, trading 133.37 million shares valued at N66.68 million in 321 deals, followed by Equity Assurance Plc with a turnover of 35.34 million shares valued at N178.8 million in 32 deals and Mutual Benefits Assurance Plc recorded 31.34 million shares valued at N55.9 million in 268 deals.
Be the first to Write a Comment!
Copyright © 2008 Vanguard. 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.
