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Diamond ,Skye Banks In Monumental Loss At NSE

UZOMA-DOZIE Diamond Bank Plc and Skye Bank Plc led the N214bn loss recorded at the close of trading on the floor of the Nigerian Stock Exchange on Tuesday.To crown the top five losers category were Ashaka Cement Plc and Cement Company of Northern Nigeria Plc, that followed the top three losers.

The NSE market capitalisation crashed to N8.694tn from N8.909tn, while the All-Share Index closed at 25,277.29 basis points from 25,899.91 recorded on the last day of trading last week.A total of 282.700 million shares worth N1.337bn exchanged hands in 3,225 deals.

The highest index point attained in the course of trading was 26,020.32 basis points, while the lowest and average index points were 25,277.29 and 25,767.48 basis points, respectively.In all, 27 firms recorded losses of various degrees on their share prices, while just 11 appreciated in value.

NGC shares depreciated by N0.45 (9.64 per cent) to close at N4.22 from N4.67; while those of Diamond Bank fell to N1.18 from N1.30, losing N0.12 (9.23 per cent).

Skye Bank share price also fell by N0.07 (7.07 per cent), to close at N0.92 from N0.99, while that of Ashaka Cement lost N1.20 (five per cent) to close at N22.80 from N24.

The shares of the CCNN closed at N8.17 from N8.60, losing N0.43 (five per cent).

Other losers in the market were Nigerian Breweries Plc, Transcorp Hotels Plc, Lafarge Africa Plc, FBN Holdings Plc, African Prudential Registrars Plc, Unilever Nigeria Plc, Airline Services and Logistics Plc, Livestock Feeds Plc, May & Baker Nigeria Plc, Sterling Bank Plc, AxaMansard Insurance Plc, Access Bank Plc, Transnational Corporation of Nigeria Plc, Flour Mill Nigeria Plc and United Capital Plc.

Ecobank Transnational Incorporated, Zenith Bank Plc, Dangote Cement Plc, Caverton Offshore Support GAP Plc, Oando Plc, StanbicIBTC Holdings Plc and Guaranty Trust Bank Plc also closed as losers.

Dangote Sugar Refinery Plc, PZ Cussons Nigeria Plc, United Bank for Africa, Total Nigeria Plc and Eterna Plc emerged as the top five gainers among the 11 gainers at the close of trading.

Other gainers were NEM Insurance Company Nigeria Plc, Nascon Allied Industries Plc, International Breweries Nigeria Plc, Presco Plc, Fidelity Bank Plc and Nigerian Aviation Handling Company Plc.

Dangote Sugar closed at N5.98 from N5.70, appreciating by N0.28 (4.91 per cent, while PZ Cussons’ shares rose by N1.11 (4.87 per cent) to close at N23.90 from N22.79.

Similarly, the share price of the UBA closed at N3.96 from N3.78, appreciating by N0.18 (4.76 per cent); while that of Total closed at N146.50 from N140.01, gaining N6.49 (4.64 per cent).

The share price of Eterna also rose by N0.08 (4.55 per cent) to close at N1.84 from N1.76.

Some shareholders had, on Monday, said prices of most stocks quoted on the floor of the NSE were ‘not fair’ considering the positions of the firms in question and the level of investment in them by shareholders. They said most of the stocks were undervalued.

The President, Renaissance Shareholders Association of Nigeria, Mr. Olufemi Timothy, had said, “Most NSE stock prices are not fair value, and they cannot be passed as the true prices considering all the market parameters.

“Many companies are undervalued while some are overvalued.”

“In advising shareholders on the steps to take to maximise returns on their investments, Timothy said investors should consider capitalising on the undervalued shares. “Shareholders should look at buying more of these undervalued shares. There is a likelihood that their prices will go up,” he added.

He urged the NSE to drive the market with the required policies, stressing that the country could not afford to have an Exchange that could not guarantee stability in the market given the strategic role the NSE plays in the economy.

About Younews Ng

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