By Ademola Alawiye

Tuesday, 21 Dec 2010

Activities at the equities segment of the Nigerian Stock Exchange closed on a negative note on Monday, with major indices recording depreciation.

Specifically, the NSE‘s All-Share Index dropped by 0.10 per cent or 24.03 points to close at 24,420.25 points, from 24,444.28 points recorded last week.

Similarly, the market capitalisation of the listed equities fell by 0.10 per cent or N8bn, from N7.809tn to close at N7.801tn.

The NSE-30 Index closed at 1,058.22 points, representing a decline of 0.58 per cent or 6.15 points, from 1,052.07.

Market analysts, who spoke to our correspondent, said that the instability in the capital market was partly due to uncertainty in the market, adding that investors were still doubtful of the reforms in the financial market.

The NSE Banking Index dropped by 0.84 per cent or 3.23 points to close at 387.20 points, as against 383.97 recorded on Friday.

The banking sub-sector maintained its lead on the activity chart, accounting for 45 per cent of total turnover. Trading in the shares of Wema Bank Plc and Zenith Bank Plc drove volume in the sub-sector.

The insurance sub-sector followed on the activity chart as it accounted for 11 per cent of total turnover. The shares of Equity Assurance Plc and Sovereign Trust Insurance Plc drove volume in the sub-sector.

Ashaka Cement Plc led the gainers‘ chart with an increase of five per cent or N1.35 to close at N28.35 per share. Nigerian Bottling Company Plc gained 4.99 per cent or N1.82 to close at N38.30 per share, while Red Star Express Plc rose by 4.96 per cent or 14 kobo to close at N2.96 per share.

On the other hand, Neimeth International Pharmacy Plc led 24 other stocks on the price losers‘ chart, down by 4.69 per cent or six kobo to close at N1.22 per share. Nigerian Wire and Cable Plc followed with a 4.69 per cent or three kobo decline to close at 61 kobo per share, while Beco Petroleum Product Plc dropped by 4.55 per cent or three kobo to close at 63 kobo per share.

Source: Punch