Thursday, 09 September 2010  By Helen Oji

 

INVESTORS continued to count their losses yesterday at the Nigerian capital market, as the prices of equities remained on the downward side.

The constant downward trend in the market during the last three days of trading this week made the capitalisation of equities to fall by N108 billion.

Meanwhile the market capitalsation yesterday, dropped by N28 billion or 0.48 per cent to close at N5.832 trillion, while the All-Share Index shed 115.32 basis points or 0.48 per cent to close at 23,802.79.

On the whole, 24 stocks appreciated in price as against 39 that recorded depreciation. Benue Cement led the gainers’ chart with a gain of N3.10 to close at N67.50.

The company’s shares soared almost five per cent in anticipation it would fuse its operations with Dangote Cement to form a new listed entity.
The new firm will be the nation’s largest company by market capitalisation when it is listed on November 5, according to reports.

Seven-Up followed with a gain of N2.51 to close at N52.80, while Northern Nigerian Flour Mills added N1.32 to close at N49.32.

Nestle Nigeria led the losers’ table with a loss of N15.00 to close at N360, while Oando followed with a loss of N3.09 to close at N59.15.

Investors bought a total of 211 million ordinary shares worth N2.4 billion in 6,358 deals.

Analysis of transactions showed that the banking sub-sector was the most active with a turnover of 117.8 million shares valued at N1 billion in 3,458 deals, while insurance sub-sector followed with a turnover of 23.3 million shares worth N19.2 million in 283 transactions.

 

Source: Guardian