Breaking News
Translate

Market value plunges by N194bn

By Michael Eboh & Chinedu Ibeabuchi
Occasioned by heavy losses on the    share prices of majority of the quoted companies on the Nigerian capital market , the value of listed equities in the Nigerian Stock Exchange (NSE) dipped last week by N194.18 billion.

Particularly, the market capitalisation, representing the value of listed equities, dipped by 3.14 per cent to close at N5.983 trillion from N6.177 trillion at which it opened the week.

The All-share index, another key market indicator, also dipped by 3.64 per cent to close at 26,100.64 points from 27,086.56 points at which it opened the week.

Meanwhile, First Bank of Nigeria Plc announced its audited financial results for the year 2009.  In the result submitted to the NSE, last week, the bank’s gross earnings grew by 40.2 per cent from N155.73 billion in its 2008 financial year to N218.29 billion in 2009, while it posted a profit after tax and exceptional items of  N12.57 billion, dropping by 65.73 per cent from N36.68 billion recorded in 2008.

The bank is recommending a dividend of N1.35 per share and bonus of one ordinary share for every six ordinary shares held by its shareholders.

In the week under review, 91 stocks recorded share price depreciation, with Total Nigeria Plc leading the pack, with a loss of N8.75 to close at N166.25 per share, Oando Plc followed with a loss of N8.39 to close at N83.50 per share and Nestle Nigeria Plc shed N7.00 to close at N178.00 per share.

Other share price losers include: Mobil Oil Nigeria Plc N6.16, African Petroleum Plc N5.03, UAC Nigeria Plc N4.27, Benue Cement Company Plc N3.60, Chemical & Allied Products Plc N1.71, Zenith Bank Plc N1.67, Julius Berger Nigeria Plc N1.64 among others.

On the other hand, twenty stocks recorded improvement in their share price, with Guinness Nigeria Plc recording the most share price gain, rising by N10.91 to close at N135.91 per share, Nigerian Bottling Company Plc followed with a gain of N3.53 to close at N26.02 per share and UACN Property Development Company Plc garnered N1.11 to close at N20.74 per share.

Other share price gainers include: BOC Gases Plc N0.75, Glaxo Smithkline Consumer Plc N0.45, Cutix Plc N0.34, RT Briscoe (Nigeria) Plc N0.33, Niger Insurance Company Plc N0.30, PZ Cussons Nigeria Plc N0.28, Lafarge Cement WAPCO Nigeria Plc N0.24 among others.

Equity trading, in the week under review, appreciated by 398.72 per cent, as a turnover of 11.72 billion shares valued at N91.22 billion in 223,989 deals, in contrast to the previous week’s turnover of 2.35 billion shares valued at N19.06 billion in 46,350 deals.

The Banking sub-sector dominated the other sub-sectors, accounting for 50.77 per cent of the market turnover, with 5.95 billion shares valued at N63 billion in 130,384 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 21.84 per cent of the market turnover, with 2.56 billion shares valued at N2.54 billion in 23,934 deals.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.