Index Dips 1.2% as Bears Consolidate Hold on Market

14 Nov 2012

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200412N.Trading-session-in-.jpg - 200412N.Trading-session-in-.jpg

Trading session at NSE

The bears consolidated their hold on the market as the Nigerian bourse closed on a negative note for the third day running. Consequently, the Nigerian Stock Exchange (NSE) All-Share Index dipped by 1.2 per cent Tuesday while the market capitalisation went down by N101billion following price losses by 31 equities

The index, which had opened the week the previous with a decline of 0.41 per cent, depreciated from 26,609.34 to close at 26,290.42. Similarly, the market capitalisation of equities fell from N8.479 trillion to N8.378 trillion. In all 31 equities shed value compared with only 12 that appreciated in value.

Market operators, however, attributed the downward trend to profit-taking and cautious approach by some investors.
“The bearish trend is not any major thing to be worried about. The market witnessed significant growth recently and some investors are taking advantage of the growth to exit before the end of year heavy sell- off. Companies have been reporting improved results and that is a an indication to believe that the future is bright,” he said.

Nestle Nigeria Plc led the price losers with N48.50 to close at N581.100 per share. Nigerian Breweries Plc trailed with a loss of N2.94, while Julius Berger Nigeria Plc shed N1.51. First Bank of Nigeria Plc and Okomu Oil Palm Plc went down by N0.50, just as Academy Press Plc depreciated by N0.36.

On the other hand, the 12 price gainers were led by Flour Mills of Nigeria Plc with N3.15 to close at N66.15. Oando Plc trailed with growth of N0.20 to close at N12.00 per share.

Investors traded 258.583 million shares valued at N2.226 billion in 4,576 deals at the stock market yesterday.
Meanwhile, Analysts at Cordros Capital Limited, were optimistic that the market might return slightly positive today as investors would want to take advantage of the low prices of most equities.

Tags: Business, Nigeria, Featured, NSE

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