Stock Market: Increased Bearish Activities Lead To 1.09% Decline

Trading activities on the Nigerian stock exchange decreased by 14.66% as investors bought 294.39 million shares worth N3.49 billion, in 5,097 deals, compared to 344.98 million shares worth N4.13 billion, in 4,663 deals exchanged on Monday.

Transcorp Plc, AIICO Insurance Plc, and Diamond Bank Plc were the most actively traded stocks on the exchange today in terms of volume, while Guaranty Trust Bank Plc and Zenith Bank Plc, topped in terms of value.

The Nigerian Stock Exchanges-All Share Index depreciated by 1.09% (-446.92) to close at 40,537.20 from 40,984.12 attained on Monday. Market capitalisation also decreased to N13.39 trillion from N13.53 trillion the previous trading day. The Thisday BGL 50 Index also followed suit with a 1.15% loss to close at 174.69 from 176.72, while the market cap stood at N12.60 trillion from N12.75 trillion recorded on Monday.

A total number of 17 stocks gained on the bourse today while 40 stocks declined leaving 55 stocks unchanged. Oando Plc emerged the toast of investors as it appreciated by 5.53% to close at N25.01 kobo, followed by Mansard Insurance Plc with a 4.26% gain to close at N2.69. Others on the gainers chart include; Ecobank Transnational Incorporated Plc, Mobil Oil Nigeria Plc and Continental Reinsurance Plc.

On the flip side Glaxo Smithkline Consumer Nigeria Plc topped the losers chart with a 7.69% decline to close at N60.00, followed by PZ Cussons Nigeria Plc. which declined by 4.97%% to close at N33.25 kobo. Others on the losers table include; CCNN Plc, Zenith Bank Plc and AIICO Insurance Plc.

Oando Plc released its half year 2014 result showing a 30.90% decline in turnover from N280.32 billion to N194.57 billion. Despite the decline in turnover, profit before tax increased by 103.60% to N12.53 billion from N6.15 billion. Net Income also increased by 110.23% to N8.98 billion from N4.27 billion. This has led the company’s management to declare an interim dividend of 70k per share.

Author: News Editor

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