By Michael Eboh & Chinedu Ibeabuchi
The ripple effect surrounding the sack of the managing directors and executive directors of five banks by the Central Bank of Nigeria (CBN), reverberated inÂ transactions in the Nigerian capital market, Monday, as the value of listed equities on the Nigerian Stock Exchange (NSE) dipped by N132.22 billion.
Also, out of 117 stocks that recorded transactions on the NSE, Monday, only six stocks recorded share price gain, while 59 stocks recorded share price loss.
Particularly, the value of listed equities, represented by the market capitalisation, depreciated by 2.38 per cent to close at N5.423 trillion from N5.556 trillion at which it opened the day=s trading.
Another of the key market indicator, the All-share index, also dipped by 2.38 per cent, shedding 576.80 basis points to close at 23,661.03 points from 24,237.85 points at which it opened.
According to market analysts, the action of the CBN triggered off massive selling, forcing down the prices of majority of the listed equities and key performance indices.
As a result of this, the NSE Banking index dipped by 3.95 per cent, while the Food/Beverage and Tobacco index shed 3.93 per cent.Shares of Nestle Nigeria Plc were the most hit, as it recorded the most share price loss, dropping by N9.60 to close at N202.50 per share from N212.10 per share at which it opened, Oando Plc followed with a loss of N3.05 to close at N91.15 per share and Conoil Plc dipped by N2.45 to close at N47.00 per share.
On the contrary, Nigerian Breweries recorded the most share price gain, rising by N2.56 to close at N53.92 per share, from N51.36 per share at which it opened, Starcomms Plc followed with a gain of N0.13 to close at N3.10 per share and Sterling Bank Plc recorded N1.45 to close at N0.06 per share.
Other gainers include: Capital Hotel Plc with a gain of N0.05 to close at N1.50 per share, Standard Alliance Insurance Plc garnered N0.05 to close at N1.26 per share and Union Diagnostic and Clinical Services Plc recorded a share price appreciation of N0.03 to close at N0.78 per share.
Equity trading appreciated by 52.42 per cent, even as the value of shares traded and deals dipped by 161.6 per cent and 46.3 per cent respectively. Particular, a turnover of 405.93 million shares valued at N1.62 billion was recorded in 3,858 deals, in contrast to Fridayâ€™s turnover of 266.33 million shares valued at N1.94 billion in 7,184 deals.
The Hotel and Tourism sub-sector buoyed by activity in the shares of Capital Hotel Plc, recorded the highest patronage in the sectorial analysis, accounting for 38.27 per cent of the market turnover, with 155.36 million shares valued at N235.9 million in 25 deals. Capital Hotel solely accounted for majority of the transactions in the sub-sector, trading 155.31 million shares valued at N235.87 million in 21 deals, while Ikeja Hotel Plc trailed, with the exchange of 52,791 shares valued at N0.125 million in four deals.
The Banking sub-sector followed on the sectorial analysis, accounting for 34.89 per cent of the market turnover, with 141.64 million shares valued at N966.59 million in 1,382 deals. Shares of First City Monument Bank Plc were the most sought after in the sub-sector, trading 62.85 million shares valued at N408.48 million in 41 deals, followed by Access Bank Plc, with the exchange of 21.77 million shares valued at N131.29 million in 128 deals and Wema Bank Plc recorded 13.16 million shares valued at N32.24 million in 109 deals.