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Bears return, deflate share value by N52bn

By Michael Eboh
After two days of uninterrupted rise in the key market indices, the bullish run in the Nigerian Stock Exchange (NSE) was halted, Wednesday, as the value of listed equities depreciated by N52.35 billion.

Specifically, the value of listed equities, represented by the market capitalisation and All-share index, both dipped by 0.98 per cent each. The capitalisation which opened at N5.369 trillion closed at N5.316 trillion, while the index shed 221.9 basis points to close at 22,536.758.77 points at which it opened.

The dip in the market indices was occasioned by losses on the share prices of blue chip companies, with Nestle Nigeria Plc recording the most share price loss, dropping by N4.99 to close at N210.01 per share, Guinness Nigeria Plc followed with a loss of N3.14 to close at N131.86 per share and Nigerian Breweries Plc dipped by N1.70 to close at N55.30 per share.

Other share price losers include: Honeywell Flour Mills Plc N0.42, RT. Briscoe Plc N0.39, Nigerian Aviation Handling Company Plc N0.35, Union Bank Nigeria Plc N0.32, Cement Company of Northern Nigeria Plc N0.30, Ecobank Transnational Incorporated N0.29, First City Monument Bank Plc N0.21 among others.
On the contrary, African Petroleum Plc recorded the most share price gain, rising by N1.59 to close at N33.56 per share, UAC Nigeria Plc followed with a gain of N1.50 to close at N38.50 per share and Flour Mills Plc garnered N1.25 to close at N26.34 per share.

Other share price gainers include: Lafarge Cement WAPCO Plc N0.48, Diamond Bank Plc N0.29, Ashaka Cement Plc N0.24, University Press Plc N0.21, Dangote Flour Mills Plc N0.15, Intercontinental Bank Plc N0.09, Starcomms Plc N0.09 among others.

Equity trading also dipped by 36.63 per cent, as a turnover of 414.3 million shares valued at N2.97 billion was recorded in 5,788 deals in contrast to the previous day’s turnover of 653.82 million shares valued at N5.15 billion in 7,036 deals.

The Banking sub-sector dominated the other sub-sectors, accounting for 50.39 per cent of the market turnover, with 208.8 million shares valued at N1.77 billion in 3,334 deals. United Bank for Africa Plc recorded the highest patronage in the sub-sector, trading 42.13 million shares valued at N516.62 million in 290 deals, followed by Diamond Bank Plc with th exchange of 27.52 million shares valued at N216.93 million 178 deals and First City Monument Bank Plc recorded 22.73 million shares valued at N159.6 million in 65 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 38.16 per cent of the market turnover, with 158.08 million shares valued at N82.99 million in 295 deals.  Goldlink Insurance dominated transaction in the sub-sector, trading 81.94 million shares valued at N40.97 million in 33 deals, followed by Investment and Allied Assurance Plc with the exchange of 64.96 million shares valued at N32.48 million in 11 deals and AIICO Insurance Plc recorded 3.19 million shares valued at N2.68 million in 118 deals.


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