11 April 2012

Nigeria: Stock Market Down By N30 Billion on Profit Taking

Transactions on the floor of the Nigerian Stock Exchange yesterday re-opened on a downward slope after the two-day public holidays to commemorate Easter celebration, as investors leveraged on the upward movement of stocks last week to take profit.

At the close of trading, the All-share index fell by 96.61 points or 0.4 per cent from 20,941.93 recorded last Thursday to 20,845,.32 while market capitalisation dropped by N30 billion from N6,641trillion to N6,611trillion. However, 17 stocks closed in the green region.

Union Bank led 16 others on the gainers' chart with 4.90 per cent to close at close at N2.57 per share, followed by Guaranty Trust Assurance with 4.83 per cent to close at N1.52 per share.

Presco added 4.75 per cent to close at N10.59 per share while Sterling Bank and Nigerian Aviation Handling Company gained 4.46 and 2.03 per cent to close at N1.17 and N8.05 per share respectively.

Intercontinental Wapic, GlaxoSmithKline, National Salt Company of Nigeria garnered 1.85, 1.48 and 1.28 per cent to close at N0.55, N19.25 and N3.95 per share respectively.

However, Flourmills topped the losers' chart with five per cent to close at N55.10 per share while Okomuoil followed with 4.99 per cent to close at N31.83 per share.

Ashakacem, Nigerian Bags Manufacturing Company, Airservice shed 4.87, 4.86 and 4.64 per cent to close at N9.58, N1.76 and N1.85 per share..

May&Baker lost 4.57 per cent to close at N2.09 per share while RT Briscoe and Eternaoil featured with 4.55 and 4.24 per cent to close at N1.05 and N3.16 per share.

Livestock company and Neimeth Pharmaceutical also shed 4.21 and 3.95 per cent to close at N0.91 and N0.73 per share.

On the activity chart, the banking subsector maintained its dominance in volume terms with 133 million shares worth N1.2billion followed by the Energy Equipment and Services subsector followed with 32 million units valued at N17million in 99 deals.

The food products subsector followed with 13 million shares worth N57million.

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