By Udeme Ekwere

Thursday, 25 Nov 2010

The bears sustained their hold at the close of equity trading activities on Wednesday, with major indices closing negative on the Nigerian Stock Exchange.

The NSE’s All-Share Index, which dropped by 1.02 per cent or 253.88 basis points to close at 24,626.98 on Tuesday, fell by 0.7 per cent or 164.25 basis points to close at 24,462.73.

Also, the market capitalisation of the listed equities dropped by 0.7 per cent or N52bn, from N7.864tn the preceding day, to close at N7.812tn, while the NSE-30 Index fell by 0.8 per cent or 8.34 points to close at 1050.35 points.

Market analysts are of the opinion that in the near future, the activities aimed at sanitising the market will translate into more positive results for the capital market.

Meanwhile, the NSE Food/Beverages Index rose by 0.9 per cent or 7.68 points, from 783.44 to close at 791.12, while the insurance index rose by 0.6 per cent or 0.96 points to close at 161.30, from 160.34 the preceding day.

The banking index, however, fell by 1.5 per cent or 5.92 points to close at 377.06, from 382.98 on Tuesday.

Meanwhile, trading in the banking sub-sector drove total turnover, as it accounted for 52 per cent of the total volume traded.

In the sub-sector, 159.826 million shares valued at N1.153bn were exchanged by investors in 3,088 deals.

Turnover in the sub-sector was driven by trading in the shares of Skye Bank Plc, which accounted for 34 per cent of the sub-sector‘s volume.

In the insurance sector, which followed on the chart, a turnover of 28.232 million shares, worth N24.352m was exchanged in 211 transactions.

Volume in the sub-sector was driven by trading in the shares of Guaranty Trust Assurance Plc and Sovereign Trust Insurance Plc.

Nestle Nigeria Plc led the price gainers, rising by 2.6 per cent to close at N390 per share, while UACN Plc also gained 2.7 per cent to close at N40.50 per share.

Flour Mills Nigeria Plc gained 1.4 per cent to close at N70 per share.

Mrs Oil Nigeria Plc, led the price losers, shedding five per cent to close at N77.62 per share, while Nigerian Breweries Plc lost 2.5 per cent to close at N75 per share.

 

Source: Punch