June 18, 2009

Bears return, deflate share value by N100bn

By Michael Eboh
The bullish run in the Ni gerian capital market was halted, Wednesday, as the value of listed equities on the Nigerian Stock Exchange (NSE),  represented by the market capitalisation, crashed by N99.98 billion.

Particularly, the capitalisation which opened at N6.844 trillion, shed 1.46 per cent to close at N6.744 trillion from at which it opened.

The All-share index, another key market indicator, was also affected in the decline, dropping by 438.37 basis points to close at 29,574.89 points from 30,013.26 points.

The drop in the market indices can be attributed to profit-taking activities of investors, wanting to cash in on the rise in the shares of listed companies recorded in the last four days.

Construction giant, Julius Berger Nigeria Plc recorded the most share price loss, dropping by N1.50 to close at N35.50 per share, Flour Mills Nigeria Plc followed with a loss of N1.46 to close at N30.51 per share and First Bank of Nigeria Plc dipped by N1.12 to close at N23.53 per share.

Other share price losers include: Nigerian Bottling Company Plc N1.01, UAC Property Development Company Plc N0.99, Unilever Nigeria Plc N0.70, United Bank for Africa Plc N0.61, Oando Plc N0.58, Diamond Bank Plc N0.51, Conoil Plc N0.50 among others.

Conversely, Nigerian Breweries Plc recorded the most share price gain, rising by N2.50 to close at N52.50 per share, Benue Cement Company Plc followed with a gain of N1.91 to close at N40.11 per share and Dangote Sugar Refinery Plc garnered N0.82 to close at N16.97 per share.

Other share price gainers include: Ecobank Transnational Incorporated N0.79, Dangote Flour Mills Plc N0.56, Nigerian Aviation Handling Company Plc N0.54, Airline Services and Logistics Plc N0.28, Prestige Assurance Plc N0.25, National Salt Company Plc N0.24, Wema Bank Plc N0.18 among others.

Equity trading dipped by 1.94 per cent, as a turnover of 518.01 million shares valued at N4.68 billion was recorded in 10,443 deals, in contrast to the previous day’s turnover of 528.25 million shares valued at N4.63 billion in 11,645 deals.

The Banking sub-sector dominated the other sub-sectors, accounting for 55.45 per cent of the market turnover, with 287.24 million shares valued at N3.05 billion in 6,060 deals. Diamond Bank Plc enjoyed the most patronage in the sub-sector, trading 54.49 million shares valued at N538.8 million shares in 238 deals, Oceanic Bank International Plc followed with the exchange of 45.83 million shares valued at N441.41 million in 650 deals and Wema Bank Plc recorded 26.23 million shares valued at N103.36 million in 137 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 20.64 per cent of the market turnover, with 106.93 million shares valued at N116.3 million in 1,181 deals. Goldlink Insurance Plc emerged the most active in the sub-sector, trading 15.91 million shares valued at N9.12 million 105 deals, Mutual Benefits Assurance Plc followed with the exchange of 12.41 million shares valued at N18.56 million in 92 deals and AIICO Insurance Plc recorded 9.51 million shares valued at N14.75 million in 159 deals.