By Michael Eboh
The two-day upward trend recorded on the Nigerian Stock Exchange (NSE) was halted, Wednesday, as the value of listed equities, represented by the market capitalisation, dropped by N19.62 billion.

Also, transaction on the NSE was driven by heavy transactions on the shares of Zenith Bank Plc and Transnational Corporation of Nigeria Plc, with both accounting for 34.18 per cent of the total market turnover.

The capitalisation which opened at N6.076 trillion depreciated by 0.32 per cent to close the day’s trading at N6.056 trillion.

The All-share index, another key performance indicator, also dropped by 0.32 per cent to close at 24,761.79 points from 24,842.01 points.

The decline was occasioned by losses on the share prices of major blue chip companies, with Guinness Nigeria Plc recording the most share price loss, dropping by N2.46 to close at N163.54 per share, African Petroleum Plc followed with a loss of N1.61 to close at N34.00 per share and Costain (West Africa) Plc dipped by N0.30 to close at N5.89 per share.

On the contrary, Flour Mills Nigeria Plc, following its attractive financial declaration, Tuesday, recorded the most share price gain, rising by N3.45 to close at N72.45 per share. The company had declared a dividend of N2 per share and a bonus of one ordinary share for every 10 ordinary shares for its shareholders in its 2010 financial year.

Glaxo SmithKline Consumer Plc followed on the gainers’ chart, with a gain of N1.17 to close at N29.19 per share, Lafarge Cement WAPCO Plc trailed with a gain of N0.90 to close at N41.90 per share.

Equity trading, driven by heavy transactions in the shares of Zenith Bank and Transcorp, appreciated by 39.56 per cent, as a turnover of 393.77 million shares valued at N2.82 billion was recorded in 6,709 deals, in contrast to the previous day’s turnover of 282.15 million shares valued at N1.71 billion in 5,881 deals.

Zenith Bank Plc traded 80.41 million shares valued at N1.05 billion in 3,901 deals while Transcorp recorded a turnover of 54.17 million shares valued at N27.09 million in 35 deals.

The Banking sub-sector dominated the other sub-sectors, accounting for 233.09 million shares valued at N1.89 billion in 3,901 deals. Zenith Bank enjoyed the highest patronage in the sub-sector, followed by Afribank Nigeria Plc with the exchange of 38.73 million shares valued at N67.72 million in 46 deals and United Bank for Africa Plc recorded 21.4 million shares valued at N213.86 million in 359 deals.

The Conglomerates sub-sector followed on the sectorial analysis, accounting for 14.14 per cent of the market turnover, with 55.7 million shares valued at N75.87 million in 274 deals. Transcorp dominated transactions in the sub-sector, accounting for 97.27 per cent of the sub-sector’s  turnover, followed by Unilever Nigeria Plc with the exchange of 0.692 million shares valued at N16.37 million in 109 deals and UAC Nigeria Plc recorded 0.67 million shares valued at N27.41 million in 84 deals.