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NSE: 65 equities suffer price decline

Posted by By OMODELE ADIGUN on 2008/10/09 | Views: 1952 |

NSE: 65 equities suffer price decline


Tuesday turned out to be another nightmare for investors as 65 equities suffered various levels of depreciation on the Lagos floor of the Nigerian Stock Exchange (NSE).

Tuesday turned out to be another nightmare for investors as 65 equities suffered various levels of depreciation on the Lagos floor of the Nigerian Stock Exchange (NSE).

This has heightened fears that investors may shun new public offer coming to the market as their expectation of booming stock prices is being dashed.Out of 69 stocks that reflected movement, only four was able to add more gains to their previous figures.This caused the market index to tumble from the previous day's 45,504.69 to 45,203.93 points, while the capitalisation of the equities came down to N9.62 trillion from N9.68 trillion.

Leading the decliners was Julius Berger which dropped 72 kobo to close at N72 per share . Following it were the duo of Flourmill and UACN with 64 kobo and 46 kobo to close their respective prices at N64.33 and N46.35 respectively.

The duo of Nigerian Breweries and Union Bank shrank by 42 kobo each to close at N43.46 and N41.58 respectively. Zenith Bank, WAPCO and Ashaka Cement went down by 35 kobo, 32 kobo and 30 kobo in that order to close at N35.24, N36.60 and N30.19 respectively.
Other losers in the top 10 category included BOC Gases and First Bank with 28 kobo and 26 kobo to close at N27.93 and N26.69 respectively.

The volume of business stood at 650.8 million shares worth N2.74 billion exchanged in 8,346 deals. Out of this, the Insurance sub-sector topped the activity chart as its investors traded 357.1 million shares worth N354.3 million in 820 deals.
Bank stocks came second as their investors grabbed 109.4 million shares valued at N1.43 billion in 3,744 deals.
The four gainers for the day were Thomas Whyte, ABC Transport, NAHCO and Dunlop with 24 kobo, 11 kobo,5 kobo and 1 kobo to close at N5.07, N2.45, N14.85 and N2.05 respectively.

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