The ugly market outlook which resumed yesterday after salah break persisted today though with less severe drop when compared with yesterday’s indicators trend. The volume traded today rose by 39.01% to close at 363.46 million as against 261.45 million units traded yesterday. Also, there was a marginal increase of 4.08% in the market value which closed at N1.88 billion as against N1.802 billion recorded yesterday. The market value would have closed higher but for the much decline recorded among the blue chips stocks. Out of the 133 stocks traded today, 21 gained, 42 declined and 70 traded at their yesterday’s closed prices.
Cornerstone Insurance Plc led the transaction volume in the market today with 70.543 million units exchanged in 64 deals. The volume traded in the stock alone accounted for 72.13% of the total sector volume traded; the stock is observed to have enjoyed more buyers’ patronage. Fidelity Bank Plc traded second highest volume of 28.168 million; there is an indicication of massive sell on the stock as it eventually closed with price depreciation of 4.98%. Firstinland Bank Plc, United Bank for Africa Plc and Diamond Bank Plc traded 25.747 million units, 18.455 million units and 17.001 million units respectively to make up for the top five trades for the day. In the aggregate, the total volume of the top five trades for the day accounted for 44% of the entire market volume traded.
The All-Share Index declined by 197.69 basis points, or 0.94% to close at 20,817.60 as against 207.48 basis points, or 0.98% decline reported yesterday. Market capitalisation consequently shed N45.84 billion to close at N4.952 trillion as against N49.35 depreciation of the previous trading day. NSE-30 declined by 0.84% to close at 815.69 as against 0.66% loss of yesterday. NSE-Banking lost of 1.13% to close at 333.20, NSE-Insurance lost the higher of 1.26% to close at 254.16, NSE-Food& Beverages lost 0.70% to close at 496.59 and NSE-Oil & Gas lost 0.31% to close at 291.21.
Skye Bank Plc emerged the highest gainers for the day with 4.95% price appreciation to close at N5.73, followed by Union Bank Plc with 4.94% price appreciation to close at N6.37.Other gainers in the top ten gainers class for the day are: Afribank Plc- 4.72%, Wapic Insurance Plc-4.71%, Ikejahotel-4.42%, UTC-4.29%,Transcorp Plc-4.17%, Lawunion Insurance Plc-4%, Omatek Plc-3.70% and Asosavings Plc-3.28%.
Top ten losers for the day are led by Flourmill Plc with 5% price depreciation to close N33.25. Other losers in the class for the day are Fidelity Bank Plc-4.98%, Ashakacement Plc-4.97%, Eternaoil Plc-4.97%, Zenith Bank Plc-4.97%, UAC-Properties-4.97%, Presco Plc-4.95%, Custodyinsurance-4.90% and Niwicable Plc-4.67%.
Transcorp, Tantalizer, UTC, Ikejahotel, Nigerinsurance and Asosavings closed on strong bid. However, FTNCocoa, Incar, Fidelity Bank, Wema Bank, Guinness, BCC, CCNN, Niwicable, Flourmill, Afrinsure, GTAssure, Stdinsure, Resortsal, Union Homes, Eternal Oil, UAC-Prop and ABCtrans
West Afican Glass Plc 2008 audited report: Turnover grew by 18.78% to close at N1.689b from N1.422b of the previous year. Profit after tax improved by 58.21% to close at a lower net loss of (N150.532m) compared with (N360.137m) of the previous year. Working capital situation dropped by 4.30% to close at (N1.940b) as against (N1.859b) of the previous year and Net assets declined by 33.13% to close at (N604.861m) compared with (N454.329m) of the previous year.
Champion Breweries Plc third quarter report: Turnover dropped by 26.92% to close at N911.817m as against N1.248b of the previous year. Profit after tax improved by 33.67% to close at (N211.852m) which was below the net loss of (N319.426m) recorded in the previous year. Working capital situation improved by 4% to close at (N2.365b) from (N2.528b) of the previous year and Net asset dropped by 56.33% to close at N164.217m from N376.069m of the previous year.