June 13, 2009

Profit-taking drags down share value by N73bn

By Michael Eboh & Chinedu Ibeabuchi
Profit-taking activities by investors in    the Nigerian capital market for the  most part of last week, accounted for a dip in the value of quoted securities in the Nigerian Stock Exchange (NSE), as the total value of listed equities dropped last week by N72.98 billion.

In particular, the value of listed equities, represented by the market capitalisation, dipped by N1.1 per cent to close at N6.548 trillion from N6.621 trillion at which it opened the week.

Another market indicator, the All-share index, shed 1.29 per cent, from 29,088.61 points at which it opened, closing the week at 28,713.67 points.

Oando Plc recorded the most share price loss, dropping by N7.83 to close at N82.17 per share, Flour Mills Nigeria Plc followed with a loss of N5.12 to close at N29.00 per share and Dangote Sugar Refinery Plc dipped by N4.92 to close at N16.93 per share.

Other share price losers include: Julius Berger Nigeria Plc N4.15, UAC Property Development Company Plc N3.14, Total Nigeria Plc N2.50, Dangote Flour Mills Plc N2.30, Glaxo SmithKline Consumer Plc N1.86, Okomu Oil Palm Plc N1.46, Nigerian Bottling Company Plc N1.35 among others.

Conversely, Mobil Oil Nigeria Plc recorded the most share price gain, rising by N5.37 to close at N112.87 per share, Benue Cement Company Plc followed with a gain of N4.24 to close at N34.66 per share and Ecobank Transnational Incorporated garnered N3.06 to close at N14.45 per share.

Other share price gainers include: Guinness Nigeria Plc N3.02, Nestle Nigeria Plc N3.01, Union Bank Nigeria Plc N2.93, Intercontinental Bank Plc N1.41, Presco Plc N1.35, PZ Cussons Nigeria Plc N0.90, Northern Nigeria Flour Mills Plc N0.89 among others.

Equity trading, in the week under review, dipped by 36 per cent, as a turnover of 1.92 billion shares valued at N13.77 billion was recorded in 51,454 deals, in contrast to the previous week’s turnover of three billion shares valued at N26.9 billion in 57,533 deals.

Banks’ stocks remain the toast of investors on the NSE, as it accounted for 47.86 per cent of the market turnover, with 919.42 million shares valued at N9.67 billion in 29,375 deals. First Bank of Nigeria Plc recorded the highest transaction in the sub-sector, trading 101.6 million shares valued at N2.28 billion in 6,178 deals, followed by Access Bank Plc with the exchange of 78.34 million shares valued at N777.99 million in 2,082 deals and Skye Bank Plc recorded 75.84 million shares valued at N556.82 million in 2,082.

The Insurance sub-sector followed on the sectorial analysis, accounting for 28.8 per cent of the market turnover, with 553.2 million shares valued at N528.8 million in 6.446 deals.