Michael Eboh & Davi
8 January 2009
THE bearish trend in the Nigerian Stock Exchange (NSE) reached an alarming proportion Tuesday, as only 14 stocks recorded share price gains, forcing the total value of listed equities to drop by N180.4 billion. Of the 126 stocks that were traded on the NSE, 68 recorded share price depreciation while 44 remained unchanged.
The market capitalisation, driven by losses on the share prices of majority of the listed equities, dropped by 2.65 per cent to close at N6.636 trillion from N6.817 trillion. The All-share index, also dipped by the same margin or 815.48 basis points to close at 30,000.75 points from 30,816.23 points.
Guinness Nigeria Plc recorded the highest share price loss, dropping by N4.61 to close at N88.50 per share from N93.11 per share at which it opened, Oando Plc followed with a loss of N3.11 to close at N71.00 per share and UAC Nigeria Plc dipped by N1.84 to close at N35.15 per share.
Other share price losers include: Nigerian Bottling Company Plc N1.84, Flour Mills Nigeria Plc N1.65, UAC Property Development Company Plc N1.38, Cadbury Nigeria Plc N1.07, First Bank of Nigeria Plc N1.02, Zenith Bank Plc N1.00, Ashaka Cement Plc N0.90 among others.
On the contrary, Nigerian Breweries Plc recorded the highest share price gain, rising by N1.30 to close at N40.10 per share from N38.80 per share, BOC Gases Plc followed with a gain of N0.86 to close at N18.22 per share and Benue Cement Company Plc appreciated by N0.66 to close at N20.50 per share.
Other share price gainers include: PZ Cussons Nigeria Plc N0.61, Cement Company of Northern Nigeria Plc N0.29, University Press Plc N0.29, International Breweries Plc N0.27, Vitafoam Plc N0.22, Intercontinental WAPIC Insurance Plc N0.20, Neimeth International Pharmaceuticals Plc N0.17 among others.
The declining trend continued in equity trading, as a turnover of 168.17 million shares valued at N1.21 billion in 7,683 deals, dropping by 14.91 per cent from the previous day's turnover of 197.63 million shares valued at N1.25 billion in 6,424 deals.
The Banking remained the most active in the sectorial analysis, accounting for 42.7 per cent of the market turnover with 71.81 million shares valued at N697.56 million in 4,064 deals. Fidelity Bank Plc recorded the highest patronage in the sub-sector, trading 12.06 million shares valued at N54.54 million in 223 deals, followed by GTBank Plc with the exchange of 8.08 million shares valued at N98.84 million in 474 deals and Oceanic Bank International Plc recorded 7.8 million shares valued at N85.83 million in 240 deals.
The Insurance sub-sector followed on the sectorial analysis, accounting for 23.04 per cent of the market turnover with 38.75 million shares valued at 62.04 million in 828 deals. Linkage Assurance Plc emerged the most active in the sub-sector, trading 6.71 million shares valued at N4.43 million in 48 deals, followed by Lasaco Assurance Plc followed with the exchange of 5.34 million shares valued at N9.84 million in 42 deals, while Custodian and Allied Insurance Plc recorded 4.71 million shares valued at N14.17 million in 40 deals.
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