Thursday, 12 August 2010 00:00 By Helen Oji

TRANSACTIONS continued yesterday (Wednesday) on a downward note on the Nigerian Stock Exchange, as price losses continued to outweigh gains,  resulting in the deprecation in investors wealth by N173 billion in three trading days.

Turnover of shares also recorded  a decline as 164.2 million shares worth N1.8 billion changed hands in 6,558 deals, down from 220 million units valued at N2 billion exchanged in 6,312 deals on Monday.

Specifically, market capitalisation of the Exchange dropped by N173 billion or 2.8 per cent from N6,294 trillion recorded last week Friday to N6,121 trillion yesterday, while the All-share index dipped by 706.7points or 2.8 per  cent from 25,738.79 to 25,032.09.
Market analysts who spoke to The Guardian attributed the drop in indices to the recent development in the stock market that led to the appointment of new management.

“First of all, the change in the leadership of the Exchange, again, the liquidity situation in the macro economy is another important factor here. Lastly, the CBN is selling treasury bills and DMO is also in the market for sale .All these factors are affecting the market.”

Precisely, 45 stocks recorded price depreciation yesterday compared to 23 that constituted the gainers chart.

Guinness Nigeria Plc emerged the day’s highest price loser with 250kobo to close at N164.00 per share while UACN Plc followed with 216kobo to close at N41.84 per share.

Flourmills Plc, Nigerian Breweries Plc, UAC-Properties Plc, Zenith Bank, Unilever Plc, Dangote Sugar Refinery  Plc, Cement Company of Northern Nigeria Plc, Access Bank Plc, PZ Cusson Plc, First City Monument Bank Plc, Oando Nigeria Plc, United Bank for Africa Plc, Stanbic IBTC Plc, Prestige Assurance Plc, Ecobank Plc and Redstar Express Plc lost 199kobo,185kobo, 85kobo,85kobo,56kobo,50kobo,49kobo,48kobo,38kobo,34kobo,31kobo,29kobo,24kobo,20kobo,15kobo,14kobo and 14kobo, to close N74..04,N70.65,N19.60,N13.21,N23.50,N17.56,N16.12,N8.45,N37.10,N7.14,N68.21,N10.00,N8.50,N3.01,N4.43 and N2.81 per share respectively.

On the other hand, West African Portland Company Plc led others on the gainers chart with 158 kobo to close at N40.00 per share, while Nestle Nigeria Plc followed with 100 kobo to close at N370.00 per share.

National Salt Company of Nigeria Plc, Okomu Oil Plc, Presco Plc, Nigerian Bags Manufacturing Company Plc,Cabury Plc, Guaranty Trust Bank Plc, Custodian&Allied insurance Plc, Guaranty Trust Assurance Plc, UTC Plc and Union Homes Plc added 38 kobo,34 kobo,20 kobo,11kobo, ten kobo, ten kobo, nine kobo, seven kobo and four kobo to close at N8.08,N12.20,N6.00,N2.76,N28.50,N16.10,N3.29,N2.08,N1.18 and N1.00 per share respectively.

 

Source:Guardian