Nigerian Bank Nigeria Finbank Plc – Index Drops As Blue Chips Record Significant Losses

Source Punch On The Web: Udeme Ekwere, January 22nd 2010

Decline in the indices of the Nigerian Stock Exchange continued on the last trading day of the week as the bears sustained its hold.

The NSE All-Share Index fell by 0.4 per cent or 84.75 basis points to close at 22,030.18, down from 22,114.93 recorded the preceding day.

Similarly, the market capitalisation of the listed equities closed at N5.306tn. this represented a decline by N20bn or 0.6 per cent from N5.326tn recorded on Thursday. All other indices of the NSE also dipped, with the NSE-30 Index falling by 0.7 per cent or 5.84 points from 882.15 to close at 876.31, while the food/beverages index fell by 0.08 per cent or 0.46 points to 586.31, up from 586.77 recorded the preceding day.

The banking and insurance index also fell by 0.2 per cent and 1.3 per cent to close at 357.35 and 226.70 respectively.

The depreciation was as a result of significant decline in the prices of blue chip stocks from the conglomerates, building, food/beverages and banking sub-sector of the NSE.
Specifically, Unilever Nigeria Plc fell by five per cent or 1.32 to close at N25.09 per share. It led 39 other stocks on the losers‘ chart.

Benue Cement Company Plc fell by 1.9 per cent or 97 kobo to close at N49.05 per share. Nigerian Breweries Plc and Dangote Flour Mills fell by 1.5 per cent and 4.2 per cent to close at N58.05 and N11.98 per share.

On the other hand, Guinness Nigeria Plc led 39 other stocks on the price gainers‘ chart, rising by 0.5 per cent or 70 kobo to close at N128.70 per share.

Cadbury Nigeria Plc rose by 4.7 per cent or 69 kobo to close at N15.50 per share, while, First City Monument Bank Plc and Academy Press Plc rose by 4.4 per cent and 4.9 per cent to close at N8.80 and N7.21 per share respectively.

Trading in banking sub-sector stocks drove total volume, accounting for 41 per cent of turnover. In the sub-sector, 147.383 million shares, valued at N1.031bn were exchanged by investors in 2,946 deals.

Turnover in the sub-sector was driven by trading in the shares of Finbank Plc, Zenith Bank Plc and First Bank of Nigeria Plc which accounted for 48 per cent of the sub-sector‘s volume.

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