By Udeme Ekwere

Friday, 11 Feb 2011

Selling activities depressed trading activities on the Nigerian Stock Exchange on Thursday, as key indices continued on a downward slide.

This was after a one per cent rally recorded on Wednesday.

Specifically, the NSE’s All-Share Index fell by 0.3 per cent or 77.32 basis points to close at 26,607.98, down from 26,685.30 recorded on Wednesday.

Similarly, the market capitalisation of the listed equities closed lower at N8.504tn, representing a decrease of 0.3 per cent or N24bn from N8.529tn.

Analysts were of the opinion that the key indices could not sustain the upward trend recorded the previous day, as bears took advantage of the one-day rally.

Consequently, the NSE-30 Index also declined by 0.4 per cent or 4.76 basis points from 1,164.36 the previous day, to 1,159.60.

The banking index was down by 3.32 points or 0.8 per cent from 441.34 on Wednesday, to 438.02, while the NSE Food/Beverage Index slipped by 0.4 per cent or 3.17 points to close at 842.58.

A total of 158.482 million banking shares, valued at N1.01bn, were exchanged by investors in 3,649 transactions. Trading in the sub-sector drove total turnover, accounting for 66 per cent of total volume.

Turnover in the sub-sector was driven by trading in the shares of Intercontinental Bank Plc, Sterling Bank Plc, Unity Bank Plc and Access Bank Plc.

The insurance sub-sector followed on the chart, with investors exchanging 18.654 million equities, worth N12.63m in 275 deals.

Volume in the sub-sector was driven by large trading in the shares of International Energy Insurance Plc, which accounted for 54 per cent of the sub-sector’s turnover.

Banking sub-sector stock, Intercontinental Bank Plc, led the price gainers, with a gain of 4.9 per cent or 13 kobo to close at N2.75 per share.

Neimeth International Pharmacy Plc followed, appreciating by 4.8 per cent or eight kobo to close at N1.74 per share, while NEM Insurance Plc and Oceanic Bank International Plc gained 4.7 per cent each to close at 66 kobo and N3.30 per share respectively.

On the losers’ chart, Julius Berger Nigeria Plc led, shedding five per cent or N2.70 to close at N51.30 per share.

Jos International Breweries Plc lost five per cent to close at N3.04 per share, while Prestige Assurance Plc lost 4.7 per cent, to close at 2.02 per share.

Source: Punch