Oando, CAP lead losers, as market value drops by N3.7bn

No Comments » November 28th, 2008 posted by // Categories: Nigeriawatch



 

VANGUARD

Oando, CAP lead losers, as market value drops by N3.7bn
Written by Michael Eboh & Providence Obuh   

Friday, 28 November 2008

 

LAGOS — OANDO Plc and CAP Plc recorded the highest share price loss on the Nigerian Stock Exchange (NSE) yesterday, as sthe value of listed equities dipped by N3.72 billion.

This was following the persistence of the bears, which deflated the market capitalisation and the All-Share Index by 0.05 per cent each. The capitalisation which opened at N7.399 trillion dropped by N3.72 billion to close at N7.396 trillion while the index shed 16.86 basis points to close at 33,513.72 points from 33,530.58 points.

Experts in the capital market have attributed the decline in the market to the forthcoming Muslim and Christian holidays. According to them, this is the season when  the capital market usually records decline, as a number of investors are sourcing for funds with which to celebrate the yuletide. This has led to the disposal of some of their shares leading to an increase in the supply of shares in the market.

This brought about heavy losses on the share prices of majority of the listed stocks, as Oando Plc led the pack of share price losers, dropping by N4.37 to close at N83.14 per share from N87.51 per share at which it opened, CAP Plc followed with a loss of N2.34 to close at N44.60 per share from N46.94 per share. Nigerian Bottling Company Plc recorded a loss of N1.84 to close at N35.12 per share.
Other share price losers include: UAC Property Development Company Plc— N1.34; Benue Cement Company Plc— N1.23; Chellarams Plc— N1.17; Ashaka Cement Plc— N1.15; BOC Gases Plc— N0.82; PZ Cussons Nigeria Plc— N0.73; Nigerian Breweries Plc— N0.65 among others.

However, Lafarge Cement WAPCO Plc recorded the highest share price gain, rising by N1.17 to close at N26.69 per share from N25.52 per share, followed by Glaxo SmithKline Consumer Plc with a gain of N0.85 to close at N18.02 per share and United Bank for Africa Plc, which announced a dividend of N0.75 per share and a bonus of one for four for its full year financial results, recorded share price gain of N0.80 to close at N16.80 per share.

Other share price gainers include: Dangote Sugar Refinery Plc— N0.75; GTBank Plc— N0.68; Costain (West Africa) Plc— N0.60; Stanbic IBTC Bank Plc— N0.49; International Breweries Plc— N0.34; Nigerian Aviation Handling Company Plc— N0.34; First Inland Bank Plc— N0.27 among others.

Equity trading dipped by 14.99 per cent as a turnover of 370.75 million shares valued at N2.58 billion shares valued at in 9,085 deals, in contrast to the previous day’s turnover of 436.16 million shares valued at N3.13 billion in 9,789 deals.

The Banking sub-sector remained the most patronised sub-sector, accounting for 47.5 per cent of the market turnover with 176.1 million shares valued at N1.80 billion in 5,358 deals. Diamond Bank Plc emerged the most active in the sub-sector, trading 27.54 million shares valued at N218.71 million in 124 deals, followed by United Bank for Africa Plc with a turnover of 24.76 million shares valued at N414.73 million in 586 deals and Spring Bank Plc recorded 21.68 million shares valued at N121.20 million in 72 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 32.28 per cent of the market turnover with 120.04 million shares valued at N88.32 million in 828 deals. Investment and Allied Assurance Plc recorded the highest transaction in the sub-sector, trading 93.64 million shares valued at N46.82 million in 56 deals, followed by Mutual Benefits Assurance Plc with the exchange of 4.56 million shares valued at N7.76 million in 45 deals and Goldlink Insurance Plc recorded 3.88 million shares valued at N3.88 million in 36 deals.

 

Opt In Image
Send Me Free Email Updates

(enter your email address below)

Leave a Reply

*

Home | About | Contact | Login