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Market indices drop by 1.2 per cent on the Exchange
October 27, 2009

EQUITY trading on the Nigerian Stock Exchange (NSE), opened on a downward note yesterday, following heavy price losses suffered by most blue chip companies, causing the market indices to slide by 1.2 per cent.

Specifically, at the opening of the market for trading yesterday, 18 stocks recorded price appreciation, while 47 constituted losers' table.

Precisely, corporate performance, the All-share index of the Exchange fell by 280.51 basis points or 1.2 per cent from 22,653.17 points recorded on Friday to 22,372.66 points, while market capitalisation dropped by N66 billion or 1.2 per cent from N5.344 trillion to N5.278 trillion.

On the price movement chart, Beer manufacturing company, Nigerian Breweries, led on the losers table with 294 kobo to close at N56.06 per share.

Petroleum (marketing) company, Conoil trailed behind with 204 kobo to close at N38.85 per share.

Lafarge WAPCO followed, dropping 155 kobo to close at N31.00 per share; UAC-Prop went down by 99 kobo to close at N21.00, while Ecobank, which was the last on top five losers' chart shed 97 kobo to close at N18.59 per share.

On the other hand, Mobil Oil led the pack of other gainers' with 494 kobo to close at N104.44 per share. Guinness Nigeria Plc followed with 314 kobo to close at N135.00 per share. Benue Cement Company (BCC) gained 150 kobo to close at N43.50; Flourmill chalked 145 kobo to close at N30.48, while UACN that was the last on the top five gainers chart added 50 kobo to close at N41.00 per share.

The banking sub-sector dominated activities on the sectoral chart, trading 174.5 million shares valued at N1.3 billion exchanged by investors in 3,141 deals. The insurance sub-sector followed on the sectoral chart with traded volume of 37.9 million shares valued at N35.7 million done in 509 deals, while food/beverage & tobacco sub-sector placed third with 13.7 million shares worth N199.8 million done in 386 deals.

First City Monument Bank (FCMB) traded 69.7 million shares valued at N441 million exchanged in 99 deals, AIICO Insurance posted 17.08 million units of shares worth N16.04 million in 286 deals, while Dangote Sugar Refinery netted 4.3 million shares valued at N64 million in 83 deals to emerge the most active in their respective sub-sectors.

On the whole, investors bought 267.3 million shares worth N1.99 billion exchanged in 5,740 deals.

The Guardian Newspaper, Tuesday October 27, 2009.

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