The Nigeria Stock Exchange (NSE) yesterday continued to maintain bearish run in spite of lifting of full suspension placed on trading of equities of the five troubled banks by the regulatory authorities. 

Analysts believed there would be a run on the prices of those shares as investors would not be inclined towards buying because of the uncertainty surrounding the decisions taken by the Central Bank of Nigeria (CBN).

They noted that it was expected that the initial reactions once the full suspension is lifted was that shareholders would dump the shares in expectation of more likely problems coming to the banks.

The market capitalisation of equities yesterday dropped by N38 billion or 0.73
per cent to close at N5.1 trillion while All-share index equally shed 167.07 points or 0.74 per cent to close at 22,393.77 as against 22,560.84 as its opening points.
On the whole, about 67 stocks depreciated in value with Oando leading on the gainers table with N2.50 to close at N91.50.

Conoil followed with a loss of N2.10 to close at N43.50. Flour Mills shed N1.17 to close at N22.33. Nigeria Bottling Company dropped by N1.15 to close at N21.85. Glaxo Smithkline depreciated by N1.01 to close at N19.20. Julius Berger and Wapco shed each N1.00 to close at N22.00 and N30.00 respectively. UAC-Property decreased by 76 kobo to close at N14.49. Union Bank of Nigeria lost 59 kobo to close at N11.38 while Ashaka Cement shed 45 kobo to close at N10.90.

On the upward swing, about 19 stocks appreciated in price with Guinness Nigeria leading on the gainers chart with N6.48 to close at N136.15. Benue Cement Company followed with a gain of N1.00 to close at N40.00.
Unilever added 70 kobo to close at N14.72. Cement Company of Northern Nigeria increased by 47 kobo to close at N9.89. Longman added 40 kobo to close at N8.40.
Access Bank and First Bank gained 26 kobo each to close at N7.16 and N14.25 respectively. Zenith Bank rose by 25 kobo to close at N11.60. Nascon added 18 kobo to close at N3.79 while CI Leasing gained 12 kobo to close at N2.52.
Investors exchanged a total of 690 million shares worth N3.8 billion in 6,370 transactions.

Analysis of transactions showed the banking sub-sector as the most active with a turnover of 308 million shares valued at N2.9 billion in 3,402 deals. Insurance sub-sector followed with a turnover of 51.3 million shares worth N56.1 million in 458 transactions.
Information and communication sub-sector recorded a turnover of 21.9 million shares valued at N56.4 million in 92 deals.

Food and beverages sub-sector came fourth with a turnover of 12.7 million shares worth N123.8 million in 468 transactions while health care sub-sector recorded a turnover of 9.2 million shares valued at N12.8 million in 165 deals.

The Financial Standard, Monday September 7, 2009.