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Stock market drops N17 billion

Posted by By WAHAB KAYODE on 2006/07/12 | Views: 2546 |

Stock market drops N17 billion

Activity on the floor of the Nigerian stock exchange (NSE) slowed somewhat yesterday as market capitalisation dropped N17 billion of its value....

Activity on the floor of the Nigerian stock exchange (NSE) slowed somewhat yesterday as market capitalisation dropped N17 billion of its value. The two market indicators The All-Share Index and market capitalisation closed lower as trading closed.

Market capitalisation which tells value of equities traded closed at N2.842 trillion compared with N2.859 trillion recorded at the preceding closing, representing a marginal decrease of 0.5 per cent while the All-Share Index which gives the aggregate of share traded closed at 25,088.54 as against 25.242.91 points recorded at the preceding closing, representing a decrease of 0.6 per cent.

Losses recorded mainly affected some highly -capitalised stocks .

First Bank of Nigeria which remained the most capitalised stock led the losers prices movement chart recording a loss of 2.64 to close at N51.35 per share. Oando followed with N105 to close at N78.95 per share, Guinness Nigeria with a drop of N1.00 closed at N105 and Ashaka Cement dipped by 97 to close at N38.03 per share.

Seven UP Bottling Company slumped by 90 kobo to close at N35, West Africa Portland Cement shed 43 kobo to close at N29.20, Ecobank with 41 kobo to close at N8.99. Afribank dropped 28 kobo to close at N7.10, per share, Oceanic Bank with 19 kobo closed at N7.50 per share, Conoil with 14 kobo closed at N83.85, Diamond Bank recorded 13 kobo to close at N4.92, PZ Industries with ten kobo to close at N23.10.Whereas Texaco Nigeria depreciated by ten kobo to close at N100.01, Intercontinental Bank with a loss of Seven kobo to close at N10.59, Glaxo SmithKline recorded a loss of five kobo to close at N56.50 and Unilever Nigeria dipped by four kobo to close at N14.71 per share.

On the gainers table, Total Nigeria led with a gain ofN2.00 to close at N191.00 per share, Okomu Oil followed with N1.10 to close at N23.10, Julius Berger Nigeria recorded N1.01 to close at N21.36, Cap with a gain of 47 kobo to close at N9.92, Guaranty Trust Bank gained 45 kobo to close at N13.49, UAC, Presco gained 38 kobo to close at N11.00 and African Petroleum recorded 50 kobo closed at N42.40 per share.

Other companies include IBTC Chartered Bank with a gain of 18 kobo to close at N4.98 per share, Access Bank with 11 kobo to close at N2.44, Dunlop Nigeria recorded ten kobo to close at N2.10, Costain recorded Seven kobo to close at N1.51, Mobil Oil Nigeria recorded a gain of five kobo closed at N162.05, Nestle Nigeria with five kobo closed at N192.55 per share and Nigerian Bottling Company went up by five kobo to close at N50.95 per share. Meanwhile investors staked N1.08 billion in 80.64 million ordinary shares exchanged hands in 5,123 deals as trading closed compared with N1.48 billion in 93.78 million Cadbury shares exchanged hands in 5,587 deals at the preceding closing.

Banking sub-sector remained the most traded stock recorded a turnover of 59.53 million shares valued at N625.59 million exchanged in 2,735 deals, compared with 66.93 million shares valued at N910.20 million exchanged in 3,101 deals as the opening value. Fidelity Bank led the sector with 14.26 million shares valued at N41.79 million exchanged in five deals, Access Bank followed with 12.59 million shares worth N30.70 million in 163 deals and United Bank for African (UBA) placed third on the chart with 5.88 million shares valued at N79.20 million in 273 deals.

Building Materials sub-sector followed on the chart with a turnover of 5.12 shares worth N146.83 million in169 deals. Volume in the shares of West Africa Portland Cement Company impacted positively to the sector, recorded 4.38 million shares worth N128.48 million exchanged in 438 deals, Ashaka Cement trailed Wapco with 427,749 shares worth N16.32 million in 118 deals and cement company of Northern Nigeria placed third with 313,110 shares worth N2.02 million in 13 deals.

The Real Estate sub-sector emerged third on the daily official list; the sector recorded 3.16 million shares worth N29.76 million exchanged in 39 deals UACN Property Development Plc remained the only company on the sector.

Conglomerates sub-sector placed fourth with a turnover of 3.93 million shares worth N77.70 in 420 deals.

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