By Udeme Ekwere
Wednesday, 22 Dec 2010
The equity market remained bearish at the close of trading on Tuesday, with major indices closing negative.
This was evident as selling pressure from Construction, Food & Beverages, Leasing, Mortgage and Insurance sectors dragged down the indices of corporate performance.
An analysis of trading activities showed that the market capitalisation of the listed equities dropped marginally by 0.04 per cent to close at N7.799tn down from N7.802tn.
Similarly, the NSE‘s All-Share Index dropped by 0.04 per cent or 9.28 basis points from 24,420.25 to close at 24,410.97 points. It had dropped by 0.1 per cent on Monday.
The NSE-30 Index closed at 1,056.98 points down from 1,058.22 recorded the preceding day.
According to analysts, the persistent downward trend in the market could be traced to activities of cautious investors awaiting the results of the reforms in the financial sector.
Costain West Africa Plc recorded the highest price loss of the day, as it shed 4.9 per cent or 34 kobo to close at N6.56 per share.
Paints and Coatings Manufacturing Nigeria Plc, followed on the chart, shedding 4.9 per cent or 18 kobo, to close at N3.53 per share.
Custodian and Allied Insurance Plc and Union Bank of Nigeria Plc also lost 4.8 per cent and 4.8 per cent to close at N2.96 and N4.20 per share respectively.
May and Baker Nigeria Plc, on the other hand, led the price gainers, rising by five per cent or 20 kobo to close at N6.82 per share.
Universal Press Plc rose by 4.9 per cent or 32 kobo to close at N6.82 per share.
Air Service Logistics Plc and Afribank Plc rose by 4.8 and 4.8 per cent to close at N1.72 and N2.20 per share respectively.
The banking sub-sector maintained its lead on the activity chart, accounting for 54 per cent of total volume traded.
In the sub-sector, 223.7 million shares, worth N1.3bn were exchanged by investors, in 3,223 deals.
Turnover in the sub-sector was driven by trading in the shares of Bank PHB Plc and Intercontinental Bank Plc.
The construction sub-sector followed on the chart, with 100.8 million shares, valued at N53.85m exchanged in 44 deals.
Source: Punch
