Nigerian Bank Nigeria Diamond Bank Plc – Profit Taking Depresses Market Indices By Point 9 Per Cent

Source Guardian Newspaper: Helen Oji, 19 March 2010

PROFIT taking by investors on the Nigerian stock market, yesterday, brought down market indices, as major bluechip companies witnessed share price depreciation, causing the All-Share Index to slide by 0.9 per cent.

Specifically, at close of transactions yesterday, the few price gains made by some blue chip stocks were not enough to push up market indices, as price losses outweighed gains.

With 47 companies suffering price depreciation compared to 29 that appreciated in price, the All-share index closed lane at 24,262.34, 242.24 points down from 24,504.58 recorded in the previous day, while market capitalization fell by N58 billion or 0.9 per cent, from N5,921 trillion to N5863 trillion.

Further analysis of yesterday’s trading showed that Benue Cement company Plc led others on the losers chart with 340 kobo, to close at N64.51 per share while flourmill Plc followed with a loss of 21 kobo to close at N50.00 per share. Cadbury Plc, Dangote flourmills Plc, Ashaka Cement Plc, West African Portland Company Plc lost 96 kobo, 84 kobo, 70 kobo, and 67 kobo to close at N18.26, N16.06, N18.50 and N33.10 per share.

Other losers include Zenith Bank Plc, Firstcity Monument Bank Plc, First Bank of Nigeria Plc, EcoBank Plc, Union Bank Plc, National Salt Company of Nigeria Plc, Cement company of Northern Nigeria Plc, Nigerian Breweries Plc and Costain West African Plc, shaddy 65 kobo, 39 kobo, 38 kobo, 20 kobo and 19 kobo, to close at N16.85, N9.00, N15.12, N6.84, N5.88, N6.51, N18.50, N57. 92 and N5.11 per share.

On the other hand, Oando Nigeria Plc topped the day’s gainer’s table with 300 kobo, to close at N80.50 per share. Glaxosmithkline Plc followed, adding 142 kobo, to close at N29.90 per share. CAP Plc, NNFM Plc, Unilever Plc gained 141 kobo, 120 kobo N25.35 and N25.95 per share.

Betagas Plc, Stanbic IBTC Plc, PZ Cussons Plc, Eternaoil Plc, Vitafoam Plc, Berger Plc, Prestige Assurance Plc, Guaranty Trust Assurance Plc, Guaranty Trust Bank Plc, Dangote Sugar Refinery Plc, Ikeja Hotel Plc and Sterling Bank Plc gained 50 kobo, 47 kobo, 45 kobo, 34 kobo, 26 kobo, 21 kobo, 13 kobo, 12 kobo, 9 kobo, 8 kobo, 7 kobo and 7 kobo, to close at N13.00, N9.97, N25.45, N7.44, N5.61, N4.47, N2.83, N2.67, N19.00, N16.88, N1.50 and N2.05 per share respectively.

On the activity chart, the banking sub-sector remains the most active stock in volume terms with 295 million in 4,184 deals. The insurance sub sector followed with 56.2 million units, worth N79.1 million in 624 deals while the food/beverage and tobacco sub sector featured with 24.9 million units, worth N424 million.

Trading in the shares of Diamond Bank Plc dominated in volume terms in the banking sub-sector with 58.5 million shares, worth N543.7 million following by Sterling Bank Plc’s 30.3 million units, worth N60.4 million.

Guaranty Trust Assurance Plc dominated in volume terms in the insurance sub sector with 13.1 million units worth N34 million, while International Energy Insurance Plc followed with 8.1 million units, worth N4.3 million.

The food/beverage and tobacco sub-sector was boosted by activities in the shares of Dangote flour mills Plc which traded 12.3 million units worth N200 million.

On the whole, investors exchanged 481.6 million shares, worth N4.4 billion in 8.396 deals.

Nigerian Bank Nigeria Diamond Bank Plc, Ecobank Plc, First Bank of Nigeria Plc, First City Monument Bank Plc, Guaranty Trust Bank Plc, Stanbic IBTC plc, Sterling Bank plc, Union Bank plc, Zenith Bank Plc