Bears return, deflate share value by N32bn

BY MICHAEL EBOH & PROVIDENCE OBUH

Trading on the Nigerian Stock Exchange, NSE, resumed the week on a bearish note, as the value of listed equities dropped by N32.29 billion.

In particular, equities’ value, represented by the market capitalization, depreciated by 0.4 per cent to N8.048 trillion from N8.08 trillion at which it opened the week.

The all-share index, another key performance indicator, dipped by 0.4 per cent or 100.98 basis points to close at 25,170.63 points from 25,271.61 points.

The decline in the capitalisation and index was occasioned by major losses in the sectorial indices. The NSE 30 index shed 0.59 per cent to close at 1,120.54 points, NSE Food/Beverage Index dropped by 0.45 per cent to close at 823.92 points, NSE banking index depreciated by 1.35 per cent to close at 377.14 points, NSE Insurance index shed 1.32 per cent to close at 166.38 points and the NSE Oil/Gas index depreciated by 1.19 per cent to close at 316.34 points.

May and Baker Nigeria Plc recorded the highest share price loss, dropping by five per cent or N0.19 to close at N3.61 per share, Costain (West Africa) Plc followed with a share price depreciation of five per cent or N0.15 to close at N2.85 per share and NCR Plc shed N0.31, representing a depreciation of 4.94 per cent to close at N5.96 per share.

Other share price losers include: SCOA Nigeria Plc N0.35, Sterling Bank Plc N0.09, DN Meyer Nigeria Plc N0.07, Jos International Breweries Plc N0.12, Eterna Oil and Gas Plc N0.24, Vono Products Plc N0.15, Secure Electronics Technology Plc N0.05 among others.

On the contrary, Ecobank Nigeria Plc recorded most share price gain, with an appreciation of five per cent or N0.15 to close at N3.15 per share, Chemical and Allied Products Plc followed with a gain of 4.97 per cent or N1.54 to close at N32.50 and Union Bank Nigeria Plc recorded a share price appreciation of 4.96 per cent or N0.12 to close at N2.54 per share.

Other share price gainers include: Transnational Incorporated Plc N0.05, University Press Plc N0.24, BankPHB Plc N0.04, Afribank Nigeria Plc N0.06, Japaul Oil and Maritime Services Plc N0.05, Ikeja Hotels Plc N0.06, Intercontinental Bank Plc N0.05 among others.

Equity trading appreciated by 23.3 per cent as a turnover of 301.415 million shares valued at N1.839 billion in 5,046 deals, in contrast to Friday’s turnover of 244.449 million shares valued at N1.52 billion in 5,453 deals.

The Banking sub-sector enjoyed the highest patronage on the sectorial analysis accounting for 44.62 per cent of the market turnover with 134.49 million shares valued at N722.11 million in 2,277 deals. Union Bank Nigeria Plc was the most active in the sub-sector trading 27.23 million shares valued at N69.16 million in 48 deals.