June 6, 2009

Profit-taking halts bullish run, share value dips by N167bn

THE bullish run in the Nigerian Stock Exchange (NSE) was halted Wednesday, as profit-taking activities by investors dragged the value of listed equities by N166.5 billion. Particularly, the value of listed equities, represented by the market capitalisation, dipped by 2.37 per cent to close at N6.871 trillion from N7.038 trillion at which it opened.

Ndidi Okereke

Ndidi Okereke

Another key market indicator, the All-share index, was not spared, as it dropped by 2.37 per cent, or 731.55 basis points to close at 30,193.42 points from 30,924.97 points at which it opened.

Investors decision to take advantage of gains recorded in the share prices of companies on the NSE, brought about a decline in the share prices of majority of the listed equities. Oando Plc was the worst hit, dropping by N4.00 to close at N91.00 per share, Seven-up Bottling Company Plc followed with a loss of N2.04 to close at N38.91 per share and Flour Mills Nigeria Plc shed N1.89 to close at N35.91 per share.
Other share price losers include: Benue Cement Company Plc N1.68, Zenith Bank Plc N1.43, First Bank of Nigeria Plc N1.18, Nigerian Breweries Plc N1.15, PZ Cussons Nigeria Plc N1.08, Ashaka Cement Plc N0.87, United Bank for Africa Plc N0.87 among others.

However, a few gains were still recorded, with Nestle Nigeria Plc recorded the most share price gain, rising by N3.99 to close at N183.99 per share, Julius Berger Nigeria Plc followed with a gain of N1.98 to close at N41.77 per share and Guinness Nigeria Plc garnered N1.81 to close at N120.00 per share.

Other share price gainers include: Lafarge Cement WAPCO Plc N1.22, UAC Nigeria Plc N1.00, Glaxo SmithKline Consumer Plc N0.94, Dangote Sugar Refinery Plc N0.78, Ecobank Transnational Incorporated N0.52, BankPHB Plc N0.44, Cadbury Nigeria Plc N0.40 among others.
Equity trading appreciated by 18.28 per cent as a turnover of 856.02 million shares valued at N6.99 billion was recorded 14,284 deals, in contrast to 723.73 million shares valued at N7.77 billion in 11,544 deals.

The Banking sub-sector recorded the most patronage in the sectorial analysis, accounting for 44.93 per cent of the market turnover, with 384.58 million shares valued at N4.61 billion 8,134 deals. Skye Bank Plc emerged the most active in the sub-sector, trading 44.81 million shares valued at N340.99 million in 792 deals, Zenith Bank Plc followed with the exchange of 41.06 million shares valued at N1.16 billion in 689 deals and Fidelity Bank Plc recorded 37.68 million shares valued at N187.5 million in 675 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 29.12 per cent of the market turnover, with 249.3 million shares valued at N361.8 million in 1,697 deals. International Energy Insurance Plc recorded the highest transaction in the sub-sector, trading 47.57 million shares valued at N87.97 million in 242 deals, followed by Continental Reinsurance Plc with a turnover of 38.36 million shares valued at N56.14 million in 58 deals and AIICO Insurance Plc recorded 30.74 million shares valued at N51.99 million in 469 deals.