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Decline persists, investment value drops further by N60bn

BY PROVIDENCE OBUH

The downward trend in the secondary segment of the Nigerian stock market continued Wednesday, as the value of investment on the Nigerian Stock Exchange (NSE) dropped by N60.28 million.

Investment value, represented by the market capitalisation dipped by 0.75 per cent to close at N7.969 trillion from N8.030 trillion at which it opened.

Another key performance indices, the All share index also dropped by 0.75 per cent or 188.68 bases points to close at 24,944.63 points from 25,133.31 points.

Intercontinental Bank Plc recorded the most share price loss, dropping by five per cent to close at N1.52 per share, Niger Insurance Company Plc followed with a five per cent share price depreciation to close at N0.76 per share, Union Homes Savings and Loans Plc dropped by N0.04 to close at N0.76 per share.

Other share price losers include: PZ Cussons Plc N1.65, Access Bank Plc N0.46, Northern Nigeria Flour Mills Plc N1.98, DN Meyer Plc N0.15, Unity Bank Plc N0.06, Cement Company of Northern Nigeria Plc N0.59, University Press Plc N0.27, among others.

On the contrary, Champion Breweries Plc led 13 other stocks on the gainers’ table, rising by 4.82 per cent or N0.20 to close at N4.35 per share, Wema Bank Plc followed with a gain of N0.07 to close at N1.59 per share and Transnational Incorporation Plc dipped by N0.03 to close at N0.69 per share.

Other share price gainers include: Royal Exchange Plc N0.02, Starcomms Plc N0.03, Goldlink Insurance Plc N0.02, NEM Insurance Plc Company Plc N0.02, Nigerian Breweries Plc N2.58, RT Briscoe Plc N0.09, Japaul Oil Maritime Services Plc, among others.

Equity trading appreciated by 16.43 per cent as a turnover of 211.22 million shares valued at N1.45 million was recorded in 7,106 deals, in contrast to the previous day’s turnover of 252.77 million shares valued at N2.02 billion in 12,424 deals.

The Banking sub-sector dominated the other sub-sector on the sectorial analysis accounting for 59.62 per cent of the market turnover with 125.93 million shares valued at N836.40 million in 3,537 deals.

Oceanic Bank International Plc was the most active in the sub-sector trading 15.36 million shares valued at N31.50 million in 181 deals, Finbank Plc followed with the exchange of 13.86 million shares valued at N10.13 million in 110 deals and First Bank of Nigeria Plc recorded 12.88 million shares valued at N179.39 million in 1,035 deals.

The Insurance sub-sector followed on the sectorial analysis accounting for 11.30 per cent of the market turnover with 23.88 million shares valued at N22.56 million in 189 deals. AIICO Insurance Plc enjoyed the highest patronage in the sub-sector trading 10.12 million shares valued at N10.12 million in 72 deals, Guaranty Trust Assurance Plc followed with the exchange of 3.66 million shares valued at N6.39 million in 24 deals and NEM Insurance Company Plc recorded 2.45 million shares valued at N1.31 million in 28 deals.


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