Bears resurface, sell pressure depresses share value by N20bn
BY PRVIDENCE OBUH
The bullish trend on the Nigerian Stock Exchange NSE, was halted Wednesday, due to sell pressure as well as profit taking across the major sectors.
However, the value of listed equities represented by the market capitalisation dropped by N19.63 billion.
Specifically, the capitalisation declined by 0.23 per cent to close at N8.091 trillion from N8.110 trillion at which it opened. Another key performance indices, the All share index dipped by 0.23 per cent or 59.57 bases points to close at 25,324..53 points from 25,384.10 points.
Stock market observers said the key benchmark indices moved between the positive and negative terrain during the session and subsequently pared gains in the late afternoon trades as buyers stepped back in the rally driven by low price positions and drop in political tension.
Tantalizers Plc led on the losers table with a loss of five per cent or N0.03 to close at N0.57 per share, UTC Nigeria Plc followed with a loss of N0.03 to close at N0.58 per share and Cement Company of Northern Nigeria Plc dipped by N0.52 to close at N0.52 per share.
Other share price losers include: International Breweries Plc N0.32, Transnational Incorporation Plc N0.08, DN Meyer Plc N0.12, First Aluminum Plc N0.03, Oceanic Bank Plc N0.09, Nigeria Aviation Handling Company Plc N0.47, Evans Medical Plc N0.05, among others.
On the contrary, Custodian and Allied Insurance Plc recorded a gain of N0.14 to close at N2.94 per share, Champion Breweries Plc followed with a gain of N0.21 to close at N4.41 per share and May and Baker Nigeria Plc garnered N0.21 to close at N4.41 per share.
Other share price gainers include: Berger paints Plc N0.57, Custodian and Allied Product Plc N1.99, Costain West Africa Plc N0.25, Niger Insurance Plc N0.03, RT Brisco Plc N0.15, Neimeth International Pharmaceutical Plc N0.05, Bank PHB Plc N0.05, among others.
Equity trading declined by 36.74 per cent as a turnover of 364.07 million shares valued at N3.24 billion was recorded in 5,655 deals.
The Banking sub-sector recorded the highest patronage on the sectorial analysis accounting for 250.03 million shares valued at N2.41 billion in 2,992 deals. First Bank of Nigeria Plc dominated the sub-sector trading 56.54 million shares valued at N755.73 million in 634 deals, Access Bank Plc followed with the exchange of 51.39 million shares valued at N434.69 million in 175 deals and Zenith Bank Plc recorded 38.26 million shares valued at N573.88 million in 313 deals.
The Insurance sub-sector trailed on the sectorial analysis accounting for 19.44 per cent of the market turnover with 70.77 million shares valued at N45.65 million in 570 deals. Equity Assurance Plc was the most active in the sub-sector trading 44.35 million shares valued at N22.17 million in 16 deals, African Alliance Insurance Plc followed with the exchange of 7.60 million shares valued at N3.80 million in six deals and AIICO Insurance Plc recorded 3.57 million shares valued at N3.25 million in 361 deals.
