By Michael Eboh
The bearish trendÂ Â recorded in the Nigerian capital market, in the last couple of days, continue to attain aÂ worsening dimension, as the value of listed equities, driven by losses on the share prices of majority of quoted companies, dipped Wednesday, by N224.23 billion.
Particularly, the value of listed equities, represented by the market capitalization depreciated by 3.52 per cent to close at N6.141 trillion from N6.365 trillion at which it opened.
The All-share index, another major market indicator, shed 983.24 basis points to close at 26,927.65 points from 27,910.89 points.
Market watchers blame the lull in the market to the recent report of the World Bank, which declared that majority of Nigerian banks are under stress. The report also disclosed that about N1.5 trillion ($10 billion) or half of all Nigerian banksâ€™ holdings were tied up in assets that were questionable.
Another report released by Business Monitor International, a multinational agency, predicted a crisis in the nationâ€™s banking sector in 2009 and 2010, brought about by domestic and international challenges.
The declining trend attained a worrisome dimension, as only seven stocks recorded share price gain, led by Total Nigeria Plc, with a gain of N8.05 to close at N169.05 per share, International Breweries Plc followed with a gain of N0.15 to close at N3.17 per share, while Neimeth International Pharmaceuticals Plc garnered N0.14 to close at N3.01.
Other share price gainers include: Cutix Plc N0.13, First Aluminium Plc N0.07, Benue Cement Company Plc N0.06 and May & Baker Nigeria Plc N0.02.
Nestle Nigeria Plc, on the other hand, recorded the most share price loss, dropping by N3.55 to close at N184.95 per share, followed by Nigerian Breweries Plc with a loss of N2.39 to close at N48.15 per share and UAC Nigeria Plc dipped by N2.00 to close at N38.00 per share.
Other share price losers include: Julius Berger Nigeria Plc N1.54, Flour Mills Nigeria Plc N1.33, Lafarge Cement WAPCO Plc N1.24, Nigerian Bottling Company Plc N1.12, Oando Plc N1.11, First Bank of Nigeria Plc N1.08, UAC Property Development Company Plc N0.97 among others.
Equity trading dipped by 30.87 per cent, as a turnover of 638.38 million shares valued at N4.41 billion was recorded in 6,374 deals, in contrast to the previous dayâ€™s turnover of 923.48 million shares valued at N5.3 billion in 10,137 deals.
The Banking sub-sector recorded the highest transaction, accounting for 34.65 per cent of the market turnover, with 221.23 million shares valued at N2.6 billion in 3,446 deals. GTBank Plc emerged the most active in the sub-sector, trading 99.13 million shares valued at N1.29 billion in 618 deals, followed by United Bank for Africa Plc with the exchange of 50.68 million shares valued at N677.86 million in 469 deals and Wema Bank Plc recorded 14.52 million shares valued at N54.76 million in 169 deals.
The Emerging market sector, led by second-tier security, Capital Oil Plc,Â followed on the sectorial analysis, accounting for 31.37 per cent of the market turnover. Trading in the sector was solely accounted for by Capital Oil, trading 200.28 million shares valued at N298.4 million in 11 deals.