Breaking News

Share value dips further by N28bn

By Michael Eboh and Providence Obuh
The declining trend on the Nigerian Stock Exchange (NSE) continued for the second day running, as the value of listed equities dipped, Wednesday, by N27.65 billion.

In particular, the market capitalisation, representing equities’ value, depreciated by 0.41 per cent to close at N6.655 trillion from N6.682 trillion at which it opened. The All-share index, another performance indices, shed 113.78 basis points to close at 27,515 points from 27,628.80 points.

The decline was occasioned by losses with stocks in the Food and Beverage sub-sector, Petroleum Marketing sub-sector and major blue chip companies.

Meanwhile, Okomu Oil Palm Plc has recorded significant decline in its bottomline for its 2009 financial year, as its profit after tax dipped by 54.47 per cent to N549.52 billion compared to N1.21 billion in its 2008 financial year.

Its turnover rose marginally by 0.15 per cent to N4.74 billion from N4.73 billion recorded in 2008.
Also, First Bank of Nigeria Plc, in its first quarter ended, March 31, 2010, financial results, announced a 196.4 per cent improvement in its profit after tax to N12.34 billion while its turnover, dipped by 10.65 per cent to N62.4 billion compared to N69.84 billion recorded in 2008.

The NSE 30 index, representing major blue chip companies, dropped by 0.44 per cent to 1,117.40 points, NSE Food/Beverage index shed 1.58 per cent to close at 822.69 points and the NSE Oil/Gas index dipped by 0.82 per cent to close at 390.05 points.

Nigerian bottling Company Plc recorded the most share price loss, dropping by N2.00 to close at N38.00 per share, African Petroleum Plc followed with a loss of N1.42 to close at N42.00 per share, and Dangote Flour Mill Plc N1.29 to close at N24.53 per share.

On the contrary Guinness Nigeria Plc recorded the most share price gain rising by N3.00 to close at N165.00 per share, Julius Berger Nigeria Plc followed with a gain of N2.94 to close at N61.88 per share and Con Oil Plc garnered N2.54 to close at N53.47 per share.

Meanwhile, equities trading dropped by 5.48 percent as a turnover of 590.13 shares valued at N5.688 billion was recorded in 11,345 deals as against the previous day turnover of 624.35 million shares valued at N5.352 billion in 9,702 deals.

The Banking sub-sector emerged the most active in the sectorial analysis, accounting for 26.13 per cent of the market turnover with 280.48 million shares valued at N3.443 billion in 5,541 deals.

First Bank of Nigeria Plc recorded the highest patronage, trading 51.06 million shares valued at N802.10 million in 1,539 deals, Guranty Trust Bank Plc followed with the exchange of 50.6 million shares valued at N952.2 in 879 deals and Zenith Bank Plc 32.12 million shares valued at N499.45 million in513 deals.

The Insurance sub-sector trailed on the sectorial analysis, accounting for 26.13 percent of the market turnover with 154.22 million shares valued at N184.80 million in 1,060 deals.

International Energy Insurance emerged the most active in the sector, trading 28.85 million shares valued at N19.94 million in 93 deals, Continental Re-insurance Plc followed with the exchange of 25.3 million shares valued at N26.50 million in 39 deals and AIICO Insurance Plc recorded 22.27 million shares valued at N38.69 In 138 deals.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.