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Investors at the
Nigerian Stock Exchange (NSE) recorded additional losses at the close
of trading on Thursday, as the market measuring parameters plunged by
0.18 per cent, making it the fourth day that it had followed a downward
trend.

The Exchange market
capitalisation closed yesterday at N6.111 trillion after opening the
day at N6.121 trillion, reflecting 0.18 per cent decline or over N10
billion in losses. Meanwhile, about N183 billion has been lost since
trading started this week.

The NSE All-Share
Index also shed 0.18 per cent or a loss of 44.06 units on the previous
day’s figures of 25,032.09 basis points, to close at 24,988.03.

Union Homes Savings
& Loans, RT Briscoe, and Fidelity Bank were the most traded stocks
yesterday, followed by First City Monument Bank and Guaranty Trust Bank.

A finance analyst
said the changes in the Exchange’s management “might be a contributory
factor” for the recent downward trend in the market, but not the only
reason. Femi Awoyemi, the chief executive officer of Proshare, said,
“The market has really not had a significant up trend for over three
weeks. Although we reversed the original downtrend after the passage of
Asset Management Corporation Bill, it appears that market participants
are beginning to realise that the passage of (the) bill will not
improve liquidity issues confronting the NSE.” Mr. Awoyemi also said
that “it seems that there is not a lot of appetite for huge risks”
again in the market.

Gainers and losers

At the close of
Thursday’s trading, a total of 25 stocks appreciated, higher than the
23 stocks recorded on Wednesday; while 29 stocks depreciated in value,
lower than the preceding day’s 45.

Unilever and Okomu
Oil topped the price gainers’ table with an increase of N1.17 and 60
kobo on their initial prices of N23.50 and N12.20. Cadbury followed in
the chart with an increase of 50 kobo to close at N29.00 per share.

On the losers’
table, Nigerian Breweries and Access Bank led the chart with a loss of
N1.55 and 25 kobo, from their opening prices of N70.65 and N8.45 per
share. Despite leading as the second most traded stock after Union
Homes Savings yesterday, RT Briscoe followed in the losers’ chart with
19 kobo loss to close at N2.65 per share.

In spite of
investors’ low patronage in the market, the banking subsector still led
the most active subsectors’ chart with 79.484 million volumes of
shares, valued at over N520.752 million.

Financial accounts

At the Exchange’s
floor on Thursday, Flour Mills of Nigeria and United Nigeria Textile
presented their financial accounts to market operators.

Flour Mills’
unaudited financial result for the first quarter ended 30 June shows
11.94 per cent increase in turnover, from N38.882 billion to N43.524
billion. The company’s profit after tax also grew by 47.26 per cent
from N2.222 billion to N3.272 billion while total net asset appreciated
by 9.26 per cent, from N35.384 billion to N38.659 billion.

Last month, Flour
Mills in its audited year result ended March 31, 2010, proposed, to its
shareholders, a dividend of N2 per share and a bonus of one for every
10 units of share own.

The audited result
year ended December 31, 2009 for United Nigeria Textile shows a
turnover of N9.223 billion from 2009’s figure of N12.218 billion;
representing a 24.51 per cent decline.