11 August 2012

Nigerian Equity Shed N90.43 Billion On Profit Taking

Lagos — Pessimistic trading dominated Nigerian Stock Exchange (NSE) in the week along with increased market price volatility as speculators booked profit considerably while Nigerian stocks experienced price correction due to the overbought posture of the market.

During the week, the equities market capitalization opened at N7.49 trillion depreciating by N90.43 billion or 0.21 per cent to close at N7.40 trillion.

Similarly, the NSE All-Share Index (ASI) opened at 23,523.16 basis points depreciating 1.21 per cent to close on Friday at 23,239.03 points.

Two of the six sectorial indices appreciated; the Bloomberg NSE Banking index rose by 0.08 per cent to close at 354.80, while Bloomberg NSE Insurance Index rose by 0.39 per cent to close at 124.69.

However, Bloomberg NSE 30 Index depreciated by 1.24 per cent to close at 1,084.57, Bloomberg NSE Consumer Goods Index depreciated by 1.73 per cent to close at 1,945.53, Bloomberg NSE Oil/Gas Index depreciated by 2.54 per cent to close at 168.76 while NSE-Lotus II depreciated by 1.41 per cent to close at 1,353.62.

Meanwhile, a turnover of 1.318billion shares worth N9.136 billion in 19,200 deals were recorded this week, in contrast to a total of 1.471 billion shares valued at N12.350 billion exchanged hands last week in 19,228 deals.

In addition, 1,707 units of NewGold Exchange Traded Funds (ETFs) valued at N4.293 million exchanged in 9 deals in contrast to a total of 3,050 units valued at N7.63 million exchanged hands last week in 9 deals.

The Financial Services sector was the most active during the week (measured by turnover volume), with 1.113 billion shares worth of N7.055 billion exchanged hands by investors in 11,381 deals.

Volume in the sector was largely driven by Banking subsectors led by shares of Zenith Bank Plc and First Bank of Nigeria Plc. Trading in the shares of the two banks accounted for 270.345 million shares, representing 35.26 per cent, 24.29 per cent and 20.51 per cent of the turnover recorded by the subsector, sector and total turnover for the week, respectively.

On the gainers chart, 31 equities appreciated in prices during the week, lower 32 of the preceding week. Eterna Oil Plc led on the gainers' table by 26.42 per cent to gain N0.56 kobo followed by GlaxoSmithKline Consumer Plc by 1.93 per cent to gain N0.55 kobo. Other price gainers' in the top 10 category are Union Bank of Nigeria Plc with N0.47 kobo or 10.66 per cent gain, International Breweries Plc. With N0.42 kobo or 7.08 per cent, Forte Oil Plc. With N0.42 kobo or 4.20 per cent, National Salt Company of Nigeria Plc with N0.30 kobo or 6.73 per cent, Smart Products Nigeria Plc with N0.21 kobo or 19.44 per cent, Cadbury Nigeria Plc with N0.16 kobo or 1.07 per cent, R T Briscoe Plc with N0.14 kobo or 8.97 per cent and U T C Nigeria Plc with N0.13 kobo or 19.40 per cent gains.

On the other hand, 36 stocks depreciated in prices lower than 37 of the preceding week. Total

Nigeria Plc led on the price losers' table, dropping by 3.75 per cent to shed N4.99 kobo followed by Dangote Cement Plc with a loss of N3.50 kobo or 2.95 per cent. Other price losers in the top 10 category include Nigerian Breweries Plc with N3.30 kobo or 2.70 per cent, Conoil Plc with N2.50 kobo or 9.80 per cent, Mobil Oil Nigeria Plc with N2.26 kobo or 1.90 per cent, Arbico Plc with N1.68 kobo or 9.72 per cent, Unilever Nigeria Plc with N0.95 kobo or 2.61 per cent, P Z Cussons Nigeria Plc with N0.93 kobo or 3.72 per cent, Roads Nigeria Plc with N0.60 kobo or 8.32 per cent and Presco Plc with N0.51 kobo or 3.32 per cent loss.

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