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Investors reap N104bn from one week profit taking on NSE

By BusinessNews Staff on December 4, 2013

Investors’ sustained appetite for capital gains on the Nigerian Stock Exchange (NSE) last week impacted negatively on the overall value of listed equities and bonds.

At the end of the weekly transactions, the market capitalisation of the NSE fell by N104 billion or 0.83 per cent to close at N12.449 trillion, compared with N12.553 trillion posted in the previous week.
The NSE All-Share Index lost 325.2 points or 0.83 per cent to close at 38,920.85 points, as against 39,246.05 points posted in the corresponding week.
Mr Sehinde Adenagbe, the Managing Director, Standard Union Securities Ltd., yesterday attributed the lull on the nation’s bourse to the activities of profit takers.
Adenagbe, in an interview with the News Agency of Nigeria (NAN) in Lagos, said that investors during the period under review embarked on profit taking, to meet up with their huge financial obligations during the Xmas period.
He said that investors took advantage of the recent market growth to make quick money through premium sales of shares.
Adenagbe predicted that the market would pick up again in the week following anticipated investors’ in the prevailing low pricing of some equities.
Overall, Transcorp in the period under review led the losers’ table, declining by 39.35 per cent or N2.31 to close at N3.56 per share.
Unity Bank trailed by 20.29 per cent or 14k to close at 55k, while LiveStock Feeds Plc lost 18.64 per cent or 96k to close at N4.19 per share.
On the other hand, Costain led the gainers’ table with 27k, to close at 93k per share.
International Breweries followed with a gain of 33.02 per cent or N1.07 to close at N4.31, while Prestige Assurance gained 16.67 per cent or 16k, to close at 70k per share.
In all, 2.17 billion shares worth N24.44 billion was traded last week in 26,443 deals, as against 3.69 billion shares valued at N29.08 billion, exchanged in 28,386 deals in the preceding week.
The financial services sector remained the toast of investors, accounting for 1.20 billion shares worth N9.13 billion, traded in 12,226 deals.
The conglomerates sector followed with a turnover of 505.33 million shares worth N2.48 billion, transacted in 2,628 deals.
The oil and gas sector came third with 196.41 million shares worth N2.37 billion, achieved in 3,762 deals. (NAN)
Wamakko wants Nigeria to adopt international accounting standards
Gov. Aliyu Wamakko of Sokoto State on advocated the adoption of international accounting standards to ensure proper management of public funds in Nigeria.
Wamakko made the call yesterday in Sokoto at the opening of the 43rd Bi-annual Auditors-General Conference.
The theme of the conference is: International Public Sector Accounting Standard Implementation in Nigeria: Perspectives on the Auditor-General’s Reporting challenges.”
Wamakko, who was represented by the Secretary to the State Government, Alhaji Sahabi Gada, said there was need for re-orientation of accounting officers in Nigeria.
“This is to make them to adopt international standards in the daily accounting of public funds.
“The conference is timely, as it will help in building the capacity of accounting officers and to ensure the proper management of the nation’s resources.”
Wamakko also said that Auditors-General are the most critical watchdogs on governments over finances.
“They must ensure that monies appropriated are applied for the purposes they are meant for.”
The governor said that his administration gave special attention to transparency and accountability in handling all government funds.
The Auditor-General of the state, Alhaji Yahaya Nawawi, commended Wamakko for providing the necessary logistics to ensure the success of the conference.