Leadership (Abuja)

22 January 2013

Nigeria: Stock Market Closes Southward

Trading activities on the floor of the Nigerian Stock Exchange (NSE)yesterday opened the week in negative trajectory following price losses suffered by major blue chip stocks.

The downside effect resulted in depreciation of market capitalisation by N27 billion.

With 33 companies appreciating in price, compared to 24 that constituted the losers' chart, the All-share index depreciated by 85 basis points or 0.27 per cent from 30,927.18 to 30,842.54 while market capitalisation shed weight by N27 billion from N9.892 trillion to N9.865 trillion.

UAC-Properties Plc and Dangote flour topped the losers' chart with 10.00 and 5.57 per cent each to close at N14.40 and N8.30 per share respectively followed by Morison Plc with 4.91 per cent to close at N2.71 while Port Paint and John Holt depreciated by 4.88 and 4.82 per share to close at N4.09 and N2.17 respectively.

On the other hand, International Breweries and Unity Bank led others on the gainers' chart with 9.72 and 9.62 per cent to close at N19.75 and N0.57 per share respectively. Presco Plc and NASCON trailed with 8.97 and 8.16 per cent to close at N10.57 and N3.05 per share respectively.

The banking sub-sector of the Financial Services sector was the most active during the day (measured by turnover volume); with 588.1 million shares worth N2.35 billion exchanged by investors in 3,750 deals.

Volume in the Banking sub-sector was largely driven by activity in the shares of UBA Plc and Unity Bank.

Abbey building Plc came second on the sub-sectorial level in terms of volume; it recorded a 210.2 million ordinary share trade worth N315.3 million.

Consequently, a turnover of 706.8 million shares worth N3.701 billion in 6.089 deals was exchanged by the investors during the day.

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