22 February 2013

Nigeria: Transcorp, Prestige Lead Other Losers to Dip Market Index

Trading activities on the floor of the Nigerian Stock Exchange yesterday returned to the trenches after two days of gain as Transcorp Plc and Prestige Insurance Plc led other 40 losers to depreciate the market performance indices by 0.6 per cent.

Market analysts believe investors are currently leveraging on the past gains recorded by the market to take profits.

At the close of trading yesterday, Transcorp led the percentage losers' chart with 10 per cent to close N1.62 kobo while Prestige Insurance followed with a loss of 9.35 to close at 97 kobo.

On the other hand, D N Meyer led the other 34 gainers with 9.69 per cent to close at N2.15. PZ Cussons followed with a gain of 8.11 per cent to close at N40.00.

A review of trading in the day showed that the All-share index shed by 201.58 basis points or 0.6 per cent from 33,708.18 recorded on Wednesday to 33,506.60 while market capitalisation dropped by N65 billion or 0.6 per cent from N10,786 trillion to N10,721 trillion.

Further analysis of yesterday's transactions showed that the Banking sector of the financial services sector buoyed by the activities in shares of GTB and UBA was the most active in terms of volume with a turnover of 161 million shares worth N1.7 billion in 2,359 deals.

Agricultural sub-sector activated by the activities in the shares of Cocoa Processors Plc followed with a turnover of 53.2 million shares worth N48.9 million in 217 transactions.

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