The Nigerian equities market declined today on the first trading day in the week; causing major indicators to depreciate by 41 basis points. At the end of the trading session, the ratio of advancers to decliners was 1: 3.41; the ASI lost 203.34 points to close at 49,412.21, whilst the market capitalization decreased by US$0.37billion to close at US$88.75 billion. In addition, volumes and values were down by 34.75% and 57.84% respectively.
The share price of Thomas Wyatt Plc was adjusted for a bonus of 1 for 1; the price was frozen at 4.95 kobo during the trading session. However, there were no volumes traded on the shares today.
FCMB released its un-audited account for the first quarter ended 31st July, 2008. Turnover plummeted by 85.19% to N18.5 billion; PBT also increased by 84.04% to N6.11 billion while PAT jumped by 82.26% to N4.83 billion. In line with recent tradition in the market, this result failed to excite the investors as the stock closed on net offer and lost full 1% price depreciation.
The southward movements of major indicators may not be unconnected with the delay in the implementation of policy measures earlier announced by market stakeholders. The investors lethargy in the market may also be linked with recent high volatility of Nigerian equity market, causing the investors (especially investors with mid-term to long term perspective) to be cautious and seek for alternative investment vehicle, such as fixed income instruments. Generally, investors are still cautious, having suffered a sustained bear run while market stability remaining elusive. Implementations of other palliative measures; such as stabilization fund, finalizing the market maker take off, restructuring of margin loan by banks amongst other will be a positive signal to boost confidence and persuade prospective investors to enter the market rather than watch from the sidelines.
Index was down by 41 basis pts on 8,464 trades. Average size of trade was US$3,431 with total value of US$29.04m. Market cap closed at US$88.75billion.
Overall, there were 17 gainers, 58 losers and 53 unchanged.
The Banking sector led the volume chart followed by the Insurance sector and both accounted for 80.11% of total volume traded.
Spring Bank Plc traded 105.411 million shares to top the overall volume chart. Other stocks that closed in the top echelon were, Investment and Allied Insurance, Universal Insurance Plc, International Energy Insurance and Sterling Bank.
Net bid: Continental Insurance and Oando.
Net Offer: Access Bank, Lasaco, Platinum, Aso Savings and NSL Tech.
Top Gainers: Oando, Inter. Breweries, Longman, Cornerstone and Continental Insurance.
Top Losers: Skye Bank, Costain, Dangote Flour, Mobil and Chevron.
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