Stock Market Maintains Downward Slide

15 Feb 2013

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 NSE DG, Oscar Onyema

The Nigerian equities market continued its poor run Thursday as sell pressure continued to impact the market negatively.
The market has remained in this situation in the last two days following renewed drive by investors to take profit to avoid a repeat of 2008 where many got their fingers burnt.
At the close of business yesterday, the Nigerian Stock Exchange (NSE) All-Share Index or ASI lost by 0.04 per cent to close at 33,342.02 points. The ASI had depreciated by 0.39 per cent the previous day. Consequently, the Year-to-Date (YTD) return of the Index now stands at 18.74 per cent.

Also, the market capitalisation of listed equities went down by 0.03 per cent to close at N10.67 trillion ($68.50 billion), compared with the depreciation of 0.39 per cent recorded the previous day to close at N10.671trillion ($68.52 billion).
Meanwhile, the Insurance sector of the Financial Service Sector displaced the banking sector as the most active in terms of the volume of shares sold.
Boosted by the activity in the shares of Sovereign Trust Insurance Plc, NEM Insurance Company Nigeria Plc, MANSARD Insurance Plc and International Energy Insurance Plc, it led the equities sector with a turnover of 229.69 million shares worth N277.03 million executed in 832 deals.

The banking sector also of the Financial Service Sector trailed on the trading activity chart in terms of the number of shares traded. It recorded a turnover of 194.22 million shares valued at N1.67 billion made in 2,573 deals.
The number of shares sold in the banking sector was largely driven by the activity in the shares of United Bank for Africa Plc, Unity Bank Plc, Access Bank Plc and Diamond Bank Plc.

Trading on the shares of the four banks accounted for 111.6 million ordinary shares or 57.4 per cent of the subsector’s turnover.
Custodian and Allied Insurance Plc led on the gainers table with 21 kobo gain to close at N2.36 per share while DN Meyer Plc trailed with 14 kobo gain to close at N1.63 per cent.
Conversely, Prestige Insurance Plc led on the losers table with a loss of 11 kobo to close at N1.01 per share.

Tags: Business, Nigeria, Featured, Stock market, Downward Slide

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