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Index declines amid rising trading volume

By on July 23, 2014

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) closed 0.25 per cent lower as trading resumed on negative note at the stock market yesterday.

The ASI declined to 42,784.30, from 42,891.82, while market capitalisation depreciated from N14.163 trillion to N14.127 trillion. However, the volume and value of trading rose by 42.9 per cent and 36.4 per cent respectively.

Investors traded 535 million shares worth N4.37 billion, compared with 374.304 million shares valued at N3.207 billion traded in 5,862 deals exchanged in 4,778 deals last Friday.

The decline in the ASI resulted from   sell-off in blue chip stocks  such as Unilever Nigeria Plc. The company last week announced a decline of 47 per cent in profit after tax for the half year ended June 30, 2014. The stock shed 5.4 per cent to close at N50.14 per share yesterday. Japaul Oil Nigeria Plc went down 5.1 per cent.

In all the market  recorded  35 price losers  compared with 33 price gainers.  Wema Bank Plc, riding on renewed demand by investors due to its impressive half year results, led the price gainers. The equity garnered 19.8 per cent to close at N1.21 per share. Redstar Express Plc trailed with 11.1 per cent , while Mobil Oil Nigeria Plc.

Wema Bank reported a  growth of 266 per cent in  profit before tax  for the half year ended June 30, 2014, to  N1.7 billion, as against the N464.7 million it was in June last year.

The bank’s total assets also climbed to N334.2 billion as at the period under review, as against the N330.9 billion recorded in December 2013.

Similarly, its loans and advances to customers as at June 2014 stood at N115.5 billion, compared to the N98.6 billion as at December 2013.
Wema Bank said the financial performance was a demonstration of the impact of the efficiency achieved in the last six months.

The Managing Director of Wema Bank Plc, Segun Oloketuyi said: “We are pleased to announce that Wema Bank continued to demonstrate strong improvements in profitability and balance sheet efficiency in the first half of 2014.”

 

 

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