There are indications that stability of the capital market is not yet in sight. This is even as trading on equities for the first week in of November, 2009 opened yesterday with 38 companies recording losses out of the 61 companies that participated in trading. Only 23 smiled home with slim gains.

The decliners which accounted for 62.30 percent of the traded equities dropped between two to five percent of their share prices, thus impacting negatively on the market performance indices.

Consequently, the market capitalization dropped by N32.85 billion closing at N5.11 trillion as against N5.14 trillion which opened trading. Also, the market All-Share Index dropped 139.23 basis points closing at 21,665.46 in contrast to 21,804.69 which opened trading yesterday.

UAC Property Development Company led the price losers table with 99 kobo to close at N18.92 per share, followed by Gcappa with 80 kobo loss in price closing at N15.22 per share while Eco Bank Transnational Incorporated (ETI) with 50 kobo loss in price to close at N14.00 per share.

Other price losers are IBTC with 38kobo loss in p[rice to close at N7.22 per share while Union Bank of Nigeria closed the top five losers table with 36 kobo loss in price closing at N6.92 per share.

The price gainers table showed that Nigerian Flour mills led the 23 gainers with N1.79 addition on its share price closing at N37.61 per share, followed by Unilever Nigeria with 75 kobo gain, closing atN15.82 per share while PZ Nigeria added 45 kobo on its hare price closing atN22.50 per share.

National Salt Company of Nigeria (NSACON) appreciated by 15 kobo closing atN3.80 per share while Fidelity Bank closed the top five gainers table with 9 kobo, to close trading at N2.34 per share.

Also, market turnover dropped by 42.03 million shares representing 15.49 percent to close trading at 271.24 million shares valued at N1.93 billion transacted by investors in 5,828 deals. This as against 313.24 million shares valued atN2.37 billion in 6,224 deals recorded October 31, 2009 .

The banking sector remained the most active measured by turnover with 176.71 million shares valued atN1.14 billion transacted in 3, 225 deals. Activity the sector was lifted by trading in the share of united Bank for Africa (UBA) with 29.38 million shares valued at N334.62 million in 282 deals, followed by Access bank with 28.57 million shares worth N173.49 million in 135 deals while Diamond Bank pulled 24.26 million shares valued at N186.41 million transacted by investors in 107 deals.

The combined turnover of the three banking stocks amounted to 82.21 million shares accounting for 46.79 percent of the subsector's turnover.

The conglomerate sunbsector followed in activity chart with 43.42 million shares worth N472.18 million recorded by investors in 226 deals.

Turnover of the sector was lifted by trading in the shares of transnational Corporation (TRANSCorp) Nigeria with 31.19 million shares valued at N15.60 million traded in 51 deals.

The insurance sector recorded 17.39 million shares valued at N14.19 million transacted in 487 deals. AIICO Insurance lifted turnover of the sector with 7.87 million shares valued N6.96 million in 276 deals.