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The decline in
equities’ market capitalisation at the Nigerian Stock Exchange (NSE)
continued on Thursday as nearly N11 billion was lost, reflecting 0.18
percent downturn. It had on Wednesday lost N5.19 billion.

The market
capitalisation closed Thursday’s transaction at N5.930 trillion, from
Wednesday’s figure of N5.941 trillion. The NSE All-Share Index also
shed 43.87 units or 0.18 percent, down from 24,247.05 basis points to
close at 24,203.18.

Market analysts at
Resource Cap, a portfolio management company, said, “The bearish trend
being experienced now is as a result of investors selling in
anticipation of another round of rebound in the market.”

Notwithstanding the
pessimistic mode in the market, Olugbenga Emmanuel, finance analyst at
WealthZone Company, an investment advisory firm, said the present value
of stocks, which are at an all time low, “poses as opportunity for long
term investment.”

Meanwhile, since
the resumption of Emmanuel Ikazoboh, the NSE interim administrator, the
Exchange has being making some trading data available to market
operators free of charge. The NSE usually charges a minimum of N11, 000
on some of this information. Sola Oni, the NSE’s spokesperson, said,
“What you are seeing in the market now is the new development of
operation.”

Mr. Oni said the Exchange wants to make more information available to the investing public.

Low gainers

Of the 130 equities
traded on Thursday, a total of 22 stocks appreciated in price, 37
stocks depreciated, while 71 closed at their previous trading prices.

African Petroleum
and Ashaka Cement topped the price gainers’ table with an increase of
N1.41 and N1.00 on their opening prices of N28.78 and N20.00 per share
respectively. PZ Cussons Nigeria and Costain West Africa followed in
the chart with an increase of 50 kobo and 31 kobo, to close at N32.50
and N6.55 per share.

On the flip side,
Chevron and Cadbury Nigeria led the price losers’ chart with a loss of
N3.90 and N1.05, to close at N81.70 and N26.35 per share. Nigeria
Breweries and UAC Nigeria followed with a decrease of N1.00 and 88 kobo
on their initial prices of N71.00 and N41.14 per share.

Banks lead

The banking
subsector maintained its lead as the most active with 143.457 million
quantities of shares, valued at over N1.280 billion. The subsector’s
volume was driven by shares of GuarantyTrust Bank, Access Bank, Zenith
Bank, First Bank, and Finbank. The five banks were also the most traded
stocks on Thursday.

The food/beverages
subsector was second in the chart with 10.251 million shares valued at
N211.043 million. Dangote Sugar, National Salt Company, and Big Treat
boosted the subsector’s volume.

Trading activities
in the information communication subsector was third highest, with
10.143 million shares valued at N7.102 million. Volume in the subsector
was largely boosted by deals in shares of Chams Nigeria and Starcomms.

At the Exchange’s
floor yesterday, C & I Leasing, an equipment rental firm, presented
its financial accounts to market operators.

The company’s
audited financial result for the year ended January 31st, 2010, shows a
22.34 percent increase in turnover, from N6.774 billion to N8.287
billion. However, its profit after tax fell by 67.93 percent from
N334.229 million to N107.185 million, while the total net asset for the
period in review also depreciated by 7.57 percent, from N2.152 billion
to N1.989 billion.