Equity trading on the Nigerian Stock Exchange closed on a negative note on Thursday, as significant indicators measuring corporate performance closed negative.

At the close of trading, investors exchanged a total of 410.774 million shares, worth N3.384bn in 6,521 deals.

The NSE‘s All Share Index dropped by 0.39 per cent or 90.32 basis points to close at 23,040.12, as against 23,130.44 recorded on Wednesday.

Similarly, the market capitalisation of the listed equities fell by 0.39 per cent or N22bn to close at N5.549tn, compared to N5.571tn it had closed with the previous day.

The NSE-30 also closed lower at 915.94 basis points , from 920.00 basis points, representing a 0.44 per cent or 4.06 points decline.

The banking index fell by 1.10 per cent or 4.23 basis points, from 386.09 basis points to close at 381.86 points.

Activities in the banking sector accounted for 55 per cent of turnover, as investors in the sub-sector exchanged a total of 227.681 million shares, worth N2.073bn in 3,492 deals. Volume in the sub-sector was driven by trading in the shares of Zenith Bank Plc, accounting for 24 per cent of turnover in the sub-sector.

However, the insurance index rose by 1.13 per cent or 2.42 basis points from 214.36 to close at 216.78. A total of 83.880 million shares, valued at N144.578m were exchanged in 525 deals. Trading in the shares of Custodian and Allied Insurance Plc drove volume in the sub-sector.

Flour Mills Nigeria Plc recorded the highest gain for the day, rising by 2.1 per cent or 85 kobo to close at N41.20 per share. Cadbury Nigeria Plc followed with an increase of 4.9 per cent or 69 kobo to close at N14.79 per share, while Access Bank Plc gained 1.4 per cent or 50 kobo to close at N35.00 per share.

Total Nigeria Plc led the losers‘ chart, shedding five per cent or N7.50 to close at N142.50, while P.Z Cussons Nigeria Plc also lost 3.8 per cent or 99 kobo to close at N25.01 per share. United Bank for Africa Plc followed with a loss of 4.4 per cent or 59 kobo to close at N12.80 per share.

The Punch 12 Feb. 2010.