June 10, 2009

Equity trading on NSE dips by 30%

Michael Eboh
A lull was recorded in equity trading on the Nigerian Stock Exchange (NSE), Monday, as trading on the shares of listed equities dipped by 29.6 per cent.

Particularly, a turnover of 355.9 million shares valued at N2.95 billion was recorded in 11,058 deals in contrast to Friday’s turnover of 505.52 million shares valued at N3.61 billion in 10,995 deals.

Trading was driven by activity in the Banking sub-sector, accounting for 51.8 per cent of the market turnover, with 184.34 million shares valued at N2.23 billion in 6,508 deals.

First Bank of Nigeria Plc recorded the highest transaction in the sub-sector, trading 28.95 million shares valued at N658.06 million in 1,250 deals, followed by Access Bank Plc with the exchange of 20.76 million shares valued at N206.3 million in 483 deals and Fidelity Bank Plc recorded 19.44 million shares valued at N91.23 million in nine deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 22.87 per cent of the market turnover, with 81.38 million shares valued at N86.38 million in 1,373 deals. Goldlink Insurance Plc emerged the most active in the sub-sector, trading 12.88 million shares valued at N8.3 million in 104 deals, Universal Insurance Plc followed with the exchange of 9.67 million shares valued at N6.2 million in 121 deals and NEM Insurance Plc recorded 7.75 million shares valued at N8.92 million in 149 deals.

The declining trend in the key market indices, the All-share index and market capitalisation, continued, as profit-taking activities of investors continued to force down the price of majority of the blue chip companies. Both indices dropped by 0.82 per cent each.

In particular, the market capitalisation shed N54.33 billion to close at N6.567 trillion from N6.621 trillion at which it opened, while the All-share index dipped by 242.16 basis points to close at 29,272.60 points.

Julius Berger Nigeria Plc recorded the most share price loss, dropping by 2.08 to close at N39.58 per share, Flour Mills Nigeria Plc followed with a loss of N1.70 to close at N32.42 per share and UAC Nigeria Plc dipped by N1.50 to close at N38.50 per share.

Other share price losers include: Dangote Sugar Refinery Plc N1.09, UAC Property Development Company Plc N1.00, Ashaka Cement Plc N0.74, Unilever Nigeria Plc N0.73, GTBank Plc N0.64, Nigerian Breweries Plc N0.64 among others.

On the contrary, Nestle Nigeria Plc recorded the most share price gain, rising by N6.00 to close at N183.00 per share, Guinness Nigeria Plc followed with a gain of N5.00 to close at N120.00 per share and Oando Plc garnered N4.50 to close at N94.50 per share.

Other share price gainers include: Benue Cement Company Plc N1.48, Lafarge Cement WAPCO Plc N1.26, PZ Cussons Nigeria Plc N0.89, Cadbury Nigeria Plc N0.84, Ecobank Transnational Incorporated N0.56, Access Bank Plc N0.48, Afribank Nigeria Plc N0.42 among others.