NSE: Market index drops by 0.9%

The Nigerian equities market began the second quarter on a negative note as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell by 0.9 per cent to close at 38,383.05 yesterday.

The negative performance followed profit-taking by investors after the market hard a five-day bull run on the back of impressive  2013 financial corporate results.
Impressed by the impressive results and dividends declaration for the 2013 financial year, investors increased the demand for equities, which led to five-day rally.

However, the bullish trend ended yesterday as profit-taking hit major stocks.
Consequently, the ASI shed 0.9 per cent, while market capitalisation shed N117.2 billion to close at N12.329 trillion. A total of 37 stocks depreciated compared to only 18 that appreciated.

Lafarge Cement WAPCO Nigeria Plc made the losers’ chart yesterday with N5 to close at N104.50. Before the decline, the stock had appreciated on the back of improved profitability and dividend.

Lafarge WAPCO increased its dividend by 175 per cent from N1.20 paid the previous year to N3.30 per share for the 2013 financial year. The company had recorded growth of 30 per cent in profit before tax to N27.7 billion.

Guinness Nigeria Plc shed N5 to close at N195, while Cadbury Nigeria depreciated by N3.55 to close at N75 per share.

On the other hand, Forte Oil Plc led the price gainers with N4.79 to close at N101.29, trailed by International Breweries Plc with gain of N2.48 to close at N26.68.


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