Nigeria Content Online

The value of
equities at the Nigerian Stock Exchange (NSE) which plunged on Monday,
the first day in office of the newly appointed interim administrator of
the NSE, Emmanuel Ikhazobo, further depreciated at the close of
Tuesday’s trading.

The Exchange market
capitalisation closed yesterday at N6.199 trillion after opening the
day at N6.262 trillion, reflecting a one per cent decline or over N63
billion loss. The market also lost over N32 billion on Monday while
about N5 billion was gained last Friday on the announcement of Mr.
Ikhazobo as the new head.

The All-Share
Index, on Tuesday, shed one per cent whic was a loss of 255.11 units
from Monday’s figures of 25,606.09 basis points, to close at 25,350.98.

Mr. Ikhazobo, a
former managing partner of Akintola Williams Deloitte, who rang the
Exchange’s trading bell on Monday, said he’s in the market to foster
restoration of investors’ confidence.

However, Femi
Awoyemi, the chief executive officer of Proshare Nigeria Limited, an
investment advisory firm, said the need for the recent intervention by
the Securities and Exchange Commission should not be confused with the
means by which it was achieved.

“There are a few
missing links which I understand those responsible for the market are
seriously looking at and I understand that those affected have also had
time to reflect on developments and recognise that things needed to
change,” Mr. Awoyemi said.

Gainers and losers

At the close of
Tuesday’s trading, a total of 22 stocks appreciated in value, lower
than the 30 recorded on Monday; while 48 stocks depreciated in value,
higher than the preceding day’s 37.

Julius Berger and
Northern Nigeria Flour Mills topped the price gainers’ table with an
increase of N2.61 and N1.76 on their initial prices of N52.28 and
N35.25 per share. Ashaka Cement and UAC Nigeria followed in the chart
with an increase of 60 kobo each, to close at N20.00 and N44.00 per
share.

On the flip side,
Nigerian Breweries and Benue Cement Company led the price losers’ chart
with a loss of N1.50 and N1.00, from their opening prices of N74.00 and
N65.00 per share. Despite leading among top traded stocks on Tuesday,
Guaranty Trust Bank and Zenith Bank followed in the losers’ chart with
80 kobo and 53 kobo losses, to close at N16 and N13.77 per share.

Financial accounts

At the Exchange’s floor yesterday, Skye Bank and Oando presented their financial accounts to market operators.

Skye Bank Plc’s
unaudited financial result for the second quarter ended 30 June shows a
1.21 per cent increase in gross earning, from N51.334 billion to
N51.953 billion. However, the bank’s profit after tax fell by 32.44 per
cent from N7.531 billion to N5.088 billion and its total net asset for
the period in review appreciated by 8.09 per cent, from N88.086 billion
to N95.210 billion.

In its second
quarter result ended June 30, Oando Plc recorded a turnover of N172.859
billion from N165.036 billion; representing a 4.74 per cent increase.
The profit after tax, however, dipped by 2.43 per cent from N6.737
billion to N6.573 billion, just as net asset for the period went up by
46.24 per cent from N53.520 billion to N78.268 billion.