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Volume Fall as Bears Return

By on March 26, 2011

Volume and value of trading fell Thursday as the bears regained control of the market from the bulls after four days. Investors traded 176.575 million shares valued at N1.486 billion in 6,882 deals yesterday compared with 280.013 million shares worth N2.475 billion exchanged in 6,800 deals the previous day.

The bulls have been in control of the market since last Friday as some investors took advantage of the low prices of equities ahead of corporate actions from companies.

However, the positive trend was reversed halted yesterday as the market closed negatively with the Nigerian Stock Exchange (NSE) All-Share Index sliding by 0.85 per cent to close at 25,281.03.  Similarly, market capitalisation of equities shed N68 billion to close lower at N8.009 trillion, down from N8.077 trillion the previous day.

The bears visited 34 stocks compared with 18 stocks that  hosted the bulls. Nigerian Breweries Plc led the price losers’ table with N2.50 to close at N76.00 per share. Dangote Sugar Refinery Plc trailed with a loss of N0.58 to close at N13.05 per share, while Zenith Bank Plc. Dangote Flour Mills Plc, First Bank of Nigeria Plc and First City Monument Bank Plc declined by N0.50, N0.46,
N0.44 and N0.33 respectively.

Diamond Bank Plc, Costain (W.A) Plc and Honeywell Flour Mills Plc shed N0.29 and N0.27 in that order.

On the other hand, Lafarge Cement WAPCO Nigeria Plc led the price gainers’ table with N1.95 to close at N40.98 per share. UAC of Nigeria Plc trailed with a gain of N0.73 to be at N33.90 per share.

Cement Company of Northern Nigeria Plc, Stanbic IBTC Bank Plc, Oando Plc, Eterna Oil Plc and Union Bank of Nigeria Plc chalked up N0.55, N0.38, N0.20, N0.18 and N0.15 in that order. Meanwhile, an analysis of the activity chart showed that banking sub-sector
remained the most active with Guaranty Trust Bank Plc and Zenith Bank Plc attracting the highest patronage.

The sub-sector traded 111.826 million shares valued at N977.489 million in 3,167 deals with Zenith Bank accounting for 15.316 million shares worth N229.744 million in 340 deals. GTBank Plc attracted N228.895 million invested in 11.551 million shares in 647 deals.

Both banks last Tuesday  rewarded shareholders with returns for the year ended December 31, 2010. Zenith Bank Plc declared a dividend of 85 kobo per every share of 50 kobo while GTBank Plc recommended a dividend of  75 kobo and a bonus of one new share for every four shares already held.

Source : Thisday