By Michael Eboh
Transactions on the Nigerian Stock Exchange (NSE) resumed the week on a bearish note, as the value of listed equities dropped, Monday by N49.36 billion.
Particularly, equitiesâ€™ value, represented by the market capitalisation and All-share index, both dropped by 0.98 per cent each. The capitalisation which opened at N5.05 trillion closed at N4.998 trillion while the index shed 207.48 basis points to close at 21,010.29 points from 21,217.77 points.
The decline was occasioned by losses on the share prices of major blue chip companies, led by Conoil Plc with a loss of N1.58 to close at N30.08 per share, UAC Nigeria Plc followed with a loss of N1.50 to close at N36.50 per share and Zenith Bank Plc dipped by N0.68 to close at N13.07 per share.
Other share price losers include: Ashaka Cement Plc N0.61, United Bank for Africa Plc N0.53, Ecobank Transnational Incorporated N0.50, Stanbic IBTC Bank Plc N0.37, Diamond Bank Plc N0.35, Trans-Nationwide Express Plc N0.33, GTBank Plc N0.21 among others.
On the contrary, Flour Mills Nigeria Plc recorded the most share price gain, rising by N1.50 to close at N35.00 per share, PZ Cussons Nigeria Plc followed with a gain of N1.18 to close at N24.79 per share and UAC Property Development Company Plc gained N1.00 to close at N21.12 per share.
Other share price gainers include: Lafarge Cement WAPCO Plc N0.93, Cement Company of Northern Nigeria Plc N0.63, Benue Cement Company Plc N0.50, RT. Briscoe Plc N0.31, Skye Bank Plc N0.26, Presco Plc N0.25, Vitafoam Plc N0.23 among others.
The declining trend continued in equity trading, as a turnover of 261.45 million shares valued at N1.8 billion was recorded in 5,807 deals in contrast to last Wednesdayâ€™s turnover of 355.13 million shares valued at N2.11 billion in 5,543 deals. Thursday and Friday was declared public holiday by the Federal Government in commemoration of the Muslim festival â€” Eid-el-kabir.
The Banking sub-sector dominated the other sub-sectors, accounting for 50.76 per cent of the market turnover, with 132.7 million shares valued at N1.06 billion in 3,284 deals. First Bank of Nigeria Plc enjoyed the most patronage, trading 21.7 million shares valued at N303.88 million in 868 deals, GTBank Plc followed with the exchange of 17.9 million shares valued at N269.53 million in 415 deals and FinBank Plc recorded 11.6 million shares valued at N8.12 million in 70 deals.
The Insurance sub-sector followed on the sectorial analysis, accounting for 21.46 per cent of the market turnover, 56.1 million shares valued at N72.18 million in 589 deals. Cornerstone Insurance Plc recorded the highest transactions in the sub-sector, trading 18.15 million shares valued at N11.43 million in 24 deals, followed by AIICO Insurance Plc with the exchange of 9.37 million shares valued at N8.12 million in 269 deals, while Custodian and Allied Insurance Plc recorded 9.21 million shares valued at N30.58 million in 69 deals.