Tuesday, April 8, 2003

NSE turnover plunges by 50%

From Bright Ewulu, in Lagos

The Nigeria Stock Exchange (NSE) turnover last week fell by over 50 per cent in value from its position of 451.4 million shares valued at N2.35 billion transacted in 11,471 deals previous week to 120.9 million shares worth N1 billion in 10,555 deals.

Also, being in tune with developments in the market, the All-Share Index dropped by 0.56 per cent to close on Friday at 13,528.06.

The banking sub sector retained its dominance of the market in the period in review with 92.5 million shares worth N6,23.7 million exchanged by investors in 5,239 deals, while the conglomerates sub sector that followed on the week’s activity chart posted a turnover of 6.5 million shares valued at N61.9 million in 1,228 deals.

Guinness Nigeria Plc led on the top gainers chart with 300 kobo gain, to close at N57 per share. Conoil Plc followed on the chart with 140 kobo to close the week at N20.30 per share while Unipetrol Nigeria Plc came third with a gain of 125 kobo.

Other top price gainers include PZ Industries (48K), 7UP Bottling Company Plc (29k), Trans International Bank Plc (29k), Union Dicon Salt (28k) and C and I Leasing Plc (22k).

On the losers chart, Nestle Nigeria Plc led with a loss of N14.51 to close at N85.50 per share. Mobil Oil Nigeria Plc followed with a loss of 250 kobo to close at N70 per share while Wema Bank Plc came third with a loss of 182 kobo.

Other top losers include Ashaka Cement Plc (145k), Nigeria Bottling Co Plc (145k), Smithcline Beecham Nigeria Plc (90k), CCNN Plc (76k), African Petroleum Plc (69k), Texaco (50k) and Union Bank Nigeria Plc (48k).