Thursday 02 September 2010
- Culled from The PunchThe All-share Index and market capitalisation of the
Nigerian Stock Exchange fell on Wednesday as a result of selling pressures
across major sectors in the equities sector.The decline, according to analysts, who spoke with our
correspondent, was caused by profit taking by investors in major sub-sectors. They noted that the selling pressure was significant
across all sectors, but was dominant in the food/beverages and banking
sub-sectors.They added that the effect of the massive sell offs by
banks and stock broking firms to reduce their exposure to 10 per cent in the
capital market also contributed to the decline.Meanwhile, the NSE‘s All Share Index fell by 0.09 per
cent or 21.19 points, from 24,268.24 on Tuesday to 24,247.05 points.Similarly, the market capitalisation of the listed
equities dropped by 0.09 per cent or N5bn to close at N5.94tn, as against
N5.95tn recorded the previous day.The NSE-30 Index closed at 1,009.54 points, representing
a decline of 0.10 per cent or 1.06 points, from 1,010.60 points.The NSE Banking Index fell by 0.32 per cent or 1.13
points, from 355.41 to 354.28 points, while the NSE Insurance Index also
declined by 0.80 per cent or 1.38 points to close at 174.38 points.Turnover was driven by activities in the banking
sub-sector, as it accounted for 51 per cent of total volume. Volume in the
sub-sector was driven by trading in the shares of Guaranty Trust Bank Plc and
Zenith Bank Plc.Nigerian Breweries Plc recorded the highest gain, with an
appreciation of two per cent or N1.40, to close at N71.00 per share. African
Petroleum Plc followed with a gain of five per cent or N1.35 to close at N28.37
per share, while Dangote Flour Mills Plc finished with a gain of 2.3 per cent
or 40 kobo to close at N17.50 per share.Guinness Nigeria Plc recorded the
highest price loss, down by 1.2 per cent or N2.01 to close at N162.99 per
share. Flour Mills Nigeria Plc also lost 2.3 per cent or N1.65 to close at
N70.25 per share. PZ Cussons Nigeria Plc followed with a four per cent N1.33
loss to close at N32.00 per share.