Nigeria Content Online

The parameters for
measuring trading activities at the Nigerian Stock Exchange (NSE), the
market capitalisation and the All-Share Index, plunged on Wednesday, as
0.94 percent decline was recorded at the close of trading session.

The Exchange market
capitalisation of the 198 First-Tier equities closed yesterday at
N5.889 trillion after opening the day at N5.945 trillion, reflecting
N56 billion losses. The All-Share Index lost 227.09 points on the
previous day’s figures of 24,263.01 basis units, to close at 24,035.92
units.

Market operators said the rush for profit taking by investors could be attributed to the downturn recorded on Wednesday.

Detola Olukorede,
an equity analyst at Investment Option, a business advisory firm, said,
“One cannot rule out profit taking activities in the market since the
trend has been positive in the past one week. Profit takers, like
portfolio managers, will always want to get return on their
investments, even if it’s low.”

Mr. Olukorede said operators should expect mix market performance this week.

Top gainers

At the close of Wednesday’s trading, a total of 32 stocks appreciated in value while 30 stocks depreciated.

Guinness Nigeria
and Glaxo Smithkline consumer topped the price gainers’ table with an
increase of N8.65 and N1.10 on their initial prices of N173.00 and
N22.49 per share, respectively. Flour Mill Nigeria and Dangote Flour
Mills followed in the chart with an increase of 70 kobo and 68 kobo
respectively, to close at N60.70 and N14.41 per share.

On the loser’s
table, Nigerian Breweries and Conoil led on the chart with a loss of
N3.71 and N1.97 respectively, from their opening prices of N82.21 and
N39.45 per share. UAC Nigeria and Lafarge Wapco Cement followed with
N1.50 and 91 kobo losses respectively, to close at N41.40 and N38.09
per share.

Banks maintain lead

The banking
subsector on Wednesday maintained its lead on the most active
subsectors’ chart with 338.991 million volumes of shares, valued at
over N2.805 billion. Volume in the subsector was driven by shares of
Diamond Bank, First City Monument Bank, Access Bank, First Bank, and
Guaranty Trust Bank. The five banks also ranked as the most traded
stocks for the day.

The food/beverages
subsector followed in the chart. Investors in this sector exchanged
25.965 million shares worth N431.622 million. Volume in the subsector
was largely driven by shares of Dangote Flour Mills and Dangote Sugar
Refinery, followed by Cadbury Nigeria, and National Salt Company.

Trading activities
in the maritime subsector was third with 16.672 million shares valued
at N19.994 million. Deals in shares of Japaul Oil and Maritime Services
largely boosted the subsector’s volume.

Meanwhile, to avoid
been sanctioned for failure or late submission of its financial
accounts, the management of Aso Savings and Loans on Wednesday notified
the Exchange that its audited accounts for the year ended March 31,
2010 is currently being audited.

The company said it “expects the completion of the audit exercise,
as well as the approval by the Central Bank of Nigeria to take place
before the end of November 2010, after which the accounts will be
submitted for presentation to the market.”