The bearish trend on the Nigerian Stock Exchange (NSE) continued Tuesday, as the value of listed equities appreciated by N22.04 billion.
Equitiesâ€™ value represented by the market capitalisation, dropped by 0.39 per cent to close at N5.529 trillion from N5.551 trillion at which it opened. The All-share index also shed 91.53 basis points to close at 22,957.25 points from 23,048.78 points at which it opened.
The dip in the market indices was as a result of decline in the share value of major blue chip companies represented by the NSE 30 index and the NSE Insurance index.
The NSE 30 index depreciated by 2.51 per cent to close at 201.20 per cent, while the NSE 30 index shed 0.44 per cent to close at 914.93 points.
Nigerian Breweries Plc recorded the most share price loss, dropping by N2.82 to close at N54.18 per share, Alumaco Plc followed with a loss of N0.83 to close at N15.80 per share and Cadbury Nigeria Plc dipped by N0.79 to close at N15.61 per share.
Other share price losers include: Morison Industries Plc N0.61, BOC Gases Plc N0.57, Cement Company of Northern Nigeria Plc N0.30, Nigerian Aviation Handling Company Plc N0.30, Flour Mills Nigeria Plc N0.30, Stanbic IBTC Bank Plc N0.26, RT. Briscoe Plc N0.23 among others.
On the contrary, African Petroleum Plc recorded the most share price gain, rising by N2.05 to close at N43.05 per share, Conoil Plc followed with a gain of N1.55 to close at N32.55 per share and CAP Plc garnered N1.21 to close at N26.99 per share.
Other share price gainers include: UAC Property Development Company Plc N0.65, Dangote Sugar Refinery Plc N0.53, Northern Nigerian Flour Mills Plc N0.50, UAC Nigeria Plc N0.50, Ecobank Nigeria Plc N0.25, Unilever Nigeria Plc N0.25, Access Bank Plc N0.20 among others.
Meanwhile, Standard Alliance Insurance Plc has declared a loss after tax of N1.67 billion in its third quarter ended, September 30, 2009 financial statement.
According to the report re-presented to the Nigerian Stock Exchange (NSE), Tuesday, the companyâ€™s loss position was attributed to a N2.89 billion exceptional item, being provision for diminution of its investment or impaired assets.
The company recorded a gross premium of N2.46 billion compared to N2.37 billion recorded in the same period of 2008, its profit before tax appreciated by 21.36 per cent to N1.25 billion from N1.03 billion recorded in 2008, while it posted a loss after tax of N1.67 billion compared to a profit after tax of N921.29 million recorded in 2008.
Banking stocks were the most patronised on the NSE, Tuesday, accounting for 54.08 per cent of the market turnover, with 161.75 million shares valued at N1.47 billion in 3,871 deals.
First Bank of Nigeria Plc recorded the most transaction in the sub-sector, trading 27.16 million shares valued at N393.93 million in 967 deals, FinBank Plc followed with the exchange of 24.73 million shares valued at N17.67 million in 108 deals and United Bank for Africa Plc recorded 23.89 million shares valued at N320.47 million in 361 deals.The Insurance sub-sector followed on the sectorial analysis, accounting for 15.84 per cent of the market turnover, with 47.38 million shares valued at N41.34 million in 557 deals.