By Udeme Ekwere

Saturday, 6 Nov 2010

Profiteering activities of investors in the Nigerian Stock Exchange, pulled down major market indicators on Friday, partially erasing the previous day‘s gain.

Specifically, the NSE‘s All-Share Index fell by 0.1 per cent or 21.56 points, to close at 24,800.47 down from 24,822.03 recorded the preceding day.

Similarly, the market capitalisation of the listed equities, declined by 0.1 per cent or N6bn, from N7.926tn to close at N7.920tn.

Other indices suffered a similar fate with the NSE-30 index dropping by 3.33 points or 0.3 per cent from 1,049.19 to 1,045.86 points. The NSE Banking Index fell by 1.2 per cent or 4.62 points to close at 367.22 down from 371.84 points.

Guaranty Trust Bank Plc lost the highest for the day, shedding 4.2 per cent or 70 kobo to close at N16 per share.

Cement Company of Northern Nigeria followed on the chart, with a loss of 3.4 per cent or 50 kobo to close at N14 per share.

United Bank for Africa Plc and International Breweries Plc also lost 4.2 and five per cent to close at N8.60 and N6.27 per share respectively.

Nigerian Breweries Plc, on the other hand, had the highest gain, rising by one per cent or 74 kobo to close at N77 per share.

Costain West Africa Plc and Lafarge WAPCO Plc gained 4.5 per cent and 0.7 per cent to close at N7.94 and N40.39 per share in that order.

The banking sub-sector remained the most active sector, as it accounted for 28 per cent of total volume.

In the sub-sector, 131.755 million shares, worth N860.81m were exchanged by investors, in 3,052 transactions.

Turnover in the sub-sector was driven by trading in the shares of Oceanic Bank International Plc, United Bank for Africa Plc and Guaranty Trust Bank Plc.

The insurance sub-sector followed on the chart with 115.962 million shares, valued at N77.218m in 531 deals.

Trading in the shares of Lasaco Assurance Plc and African Alliance Insurance Company Plc drove volume in the sub-sector.

In all, investors staked N1.598bn on 463.301 million shares in 6,129 transactions, as against 367.343 million shares, worth N2.265bn, exchanged the previous day, in 5,765 deals.

Source: Punch