The bearish trend that enveloped the capital market since Wednesday January 13, 2010 as a result of profit taking consolidated the firm grip at the end of transactions yesterday Thursday January 14 with the market capitalization dropping N73 billion the highest change effected either positive or negative on the Nigerian Stock Exchange (NSE) since this year.
At the end of transactions yesterday, the market capitalization closed at N5.257 trillion while the All-Share Index (ASI) shed 307.44 points from 22,252.38 points to close at 21,944.94 bases points. Investors who shared experience of the market concurred that the market is still reacting to profit taking from the few days of bullish run. According to one of them, the situation will continue to alternate each other like this for some times now, adding that recovery of the market will be gradual.
A total of 456,361,207 shares worth N2.735 billion exchanged by investors in 7,042 deals were recorded. The figure is a sharp departure from the range slated for the market for the new year by investors. Seventy-six stocks featured on the price movement chart out of which mere 19 stocks gained while whole 57 others fall laggards. This seems to a total return to the bearish days before yuletide.
UACN, May and Baker, Julius Berger, Zenith and Red Star Express led on the gainers’ table with 96 kobo, 22 kobo, 20kobo, 20 kobo and 12 kobo to close at N39.39, N4.90, N29.60, N16.00 and N2.62 per share respectively. On the losers’ side, Nestle, Enamelware, Flour Mill, PZ and UAC-PROP topped other losers with 290 kobo, 278 kobo, 204 kobo, 103 kobo and 100 kobo to close at N252.00, N52.85, N38.81, N24.97 and N20.50 per share respectively.
Meanwhile investors who assembled at the press gallery were visibly seen calculating stock movement on the screen while seriously scheming which stock to sell for maximum profits. One of them, Mr. Patrick Ekwemozor, though a textile dealer said that he understood that the market boomed and so wants to take some profits.
At the end of transactions on Wednesday, investors staked a total of 666,776,619 shares worth N3.403 billion that changed hands in 7,426 deals. Although the market recorded depreciation in indicators, the volume of transactions yesterday was positively above the volume netted the previous day. This is because Tuesday volume of transactions stopped at 406,237,865 units valued at N2.134 billion in 6,743 deals far below the 666.78 billion shares of Wednesday.
A total of 80 stocks featured on the price movement table on Wednesday January 13 which is one stock above the figure that featured on the chart the previous day. Out of the 80 that featured yesterday, only 30 made the gainers’ table as against the 59 that gained on Tuesday. Yesterday Wednesday, also, 50 stocks fall as laggards sharply above the 20 that dipped on Tuesday. One remarkable feature of transactions since the new year is the fact that blue chip companies are becoming regular on the gainers’ table while the penny stocks control the losers’ territory.
Benue Cement Company (BCC), Nigerian Bottling Company (NBC), African Petroleum (AP), Cadbury and Academy Press led other stocks on the gainers’ list with 121 kobo, 118 kobo, 95 kobo, 58 kobo and 31 kobo to close at N48.11, N24.82, N37.10, N12.31 and N6.55 per share respectively. On the losers’ table, Nestle, Flour Mill, Guaranty Trust Bank, First Bank and Ashaka Cement topped other losers with 914 kobo, 214 kobo, 83 kobo, 79 kobo and 63 kobo to close at N254.90, N40.85, N16.07, N15.14 and N13.20 per share respectively.
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