By Ademola Alawiye

Saturday, 11 Dec 2010

The bearish trend at the equities sector of the Nigerian Stock Exchange was sustained on Thursday, as significant indices measuring corporate performance closed negative.

At the close of trading activities, a total of N2.97bn was staked on 249.70 million shares in 5,958 deals.

Market gauges continued to drop, with the NSE‘s All-Share Index dropping by 0.32 per cent or 79.89 points to close at 24,601.28 points, from 24,681.17 points recorded the previous day.

Similarly, the market capitalisation of the listed equities fell by 0.32 per cent or N26bn, from N7.89tn to N7.86tn.

The NSE-30 Index depreciated by 0.58 per cent or 6.14 points to close at 1,054.84 points, as against 1,060.98 points recorded the previous day.

The banking index fell by 0.72 per cent or 2.77 points to close at 382.55 points, from 385.32 points.

Total turnover was driven by activities in the banking sub-sector, as it accounted for 50.6 per cent of total volume. The shares of Guaranty Trust Bank Plc, Zenith Bank Plc, First Bank of Nigeria Plc and Finbank Plc drove volume in the sub-sector.

The NSE Insurance Index also fell by 1.47 per cent or 2.33 points, from 158.42 points to 156.09 points.

Trading in the sub-sector accounted for 7.7 per cent of total turnover. The shares of Intercontinental Wapic Insurance Plc, NEM Insurance Company Plc and Oasis Insurance Plc drove volume in the sub-sector. A total of 19.18 million shares, valued at N14.92m were exchanged in 308 deals.

African Petroleum Plc recorded the highest gain, rising by five per cent or N1.00 to close at N21.00 per share, while CAP Plc rose by 4.99 per cent or N1.54 to close at N32.41 per share.

Niger Insurance Company Plc followed with an increase of 4.92 per cent or three kobo to close at N0.64 per share.

On the other hand, BOC Gases Plc led the losers‘ chart, down by 4.91 per cent or 50 kobo to close at N21.00 per share.

DN Meyer Plc lost 4.91 per cent or 50 kobo to close at N9.68 per share, while Portland Paints and Products Nigeria Plc followed with a 4.86 per cent or 27 kobo loss to close at N5.28 per share.

Source: Punch