Stocks: ASI depreciates by 3.34 per cent

The exchange in a statmeent signed by its head of Corporate Communications, Sola Oni said the Council of NSE at its meetings held yesterday, August 25, 2010 decided to reduce the Exchange’s staff strength by 32.5 per cent from 292 to 197 staff members.

However, the market capitalization of the 199 First -Tier equities closed lower at N5.94 trillion against N6.110 trillion recorded last Friday.

Also, the NSE-30 Index depreciated by 33.51 points or 3.22 per cent to close at 1,012.41. Last week, ASI and NSE-30 Index appreciated by 0.5 per cent and 0.7 per cent, respectively.

The market went down heavily on Tuesday with a loss of over N180 billion while the value of all listed equities fell through to N5.99 trillion.

As in the preceding week, all the four sectorial indices depreciated during the week. The NSE Food/Beverage Index depreciated by 27.74 points or 3.33 per cent to close at 782.43, the NSE Banking Index depreciated by 16.69

points or 4.5 per cent to close at 355.43, the NSE Insurance Index depreciated by 5.51 points or 3.2 per cent to close at 168.88 and the NSE Oil/Gas Index depreciated by 8.97 points or 2.43 per cent to close at 361.47.

A turnover of 1.2 billion shares worth N10.4 billion in 32,155 deals was recorded this week, in contrast to a total of 1.2 billion shares valued at N11.61 billion exchanged last week in 36,855 deals.

There were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors.

The Banking subsector was the most active during the week (measured by turnover volume), with 725.8 million shares worth N5.8 billion exchanged by investors in 16,779 deals. Volume in the Banking subsector was largely driven by activity in the shares of UBA Plc, First Bank of Nigeria Plc, Union Bank of Nigeria Plc and Guaranty Trust Bank Plc. Trading in the shares of the four Banks accounted for 327.8 million shares, representing 45.2 per cent and 27.3 per cent of the subsector’s turnover and total volume traded during the week, respectively.

The Insurance subsector, boosted by activity in the shares of AIICO Insurance Plc and Continental Reinsurance Plc, followed on the week’s activity chart with a turnover of 79.03 million shares valued at N85.31 million in  1,396 deals.

In the previous week, the Banking subsector led on the activity chart and was followed by the Insurance subsector.

Also, 25 stocks appreciated in price during the week, lower than the 38 of the preceding week. African Petroleum Plc led on the gainers’ table with a gain of N5.82 to close at N27.02 per share while Northern Nigerian Flour Mills Plc followed with N2.14 to close at N44.98 per share. Other price gainers include Guinness Nigeria Plc with N2.00, Nigerian Bottling Co. Plc N1.76, Longman Nigeria Plc  N0.61, Access Bank Plc N0.46, Ashaka Cement Plc N0.40, Costain (WA) Plc, N0.36, First Aluminum Nigeria Plc N0.15 and Prestige Assurance Co. Plc with N0.13

However, 66 stocks depreciated in price during the week, higher than the 49 of the preceding week.

Oando Plc led on the price losers’ table, dropping by N6.95 to close at N62.05 per share while PZ Cussons Nigeria Plc followed with a loss of N4.00 to close at N35.00 per share. Other price losers include Benue Cement Company Plc N2.50, Conoil Plc N2.00, Cadbury Nigeria Plc N1.93, Julius Berger Nigeria Plc, N1.85, Dangote Flour Mills Plc N1.77.

Lafarge Cement WAPCO Nigeria Plc N1.55, The Okomu Oil Palm Plc N1.52 and Dangote Sugar Refinery Plc with N1.14