The ASI lost 619.75 points to close at 23,226.28 points
Nigeria - Economic - 02-08-2010

The ASI lost 619.75 points to close at 23,226.28 while the market capitalization decreased by USD 1.00bn to close at USD 37.80bn (NGN 5.593tn) on 5 February 2010. The value of transactions consummated on 5 February 2010 decreased by 22.96% to USD 18.87m (NGN 2.792bn) from USD 24.50m (NGN 3.625bn) recorded on 4 February 2010. Guinness Plc on 5 released its unaudited Q2 result for the period ended 31 December 2009. Turnover grew by 23.82% to NGN 53.842bn, PBT declined by 10.02% to NGN 10.534bn, while PAT declined by 10.87% to NGN 7.183bn as against NGN 8.059bn recorded in the corresponding period of 2008. The stock market closed with the bears maintaining an upper hand, shattering hope of another upward swing as the market opened with a steep loss (-0.37%). Profit taking marked 5 February 2010quotes trading after the rallies recorded in the last 6 trading days created an avenue for traders to unwind positions.

Oil and Gas was the only sector closing in the green as NSEOILG5 booked a net gain of 0.68 compared to Food, Beverages and Banking sectors which booked –3.07% and -3.92% respectively. The unattractiveness of banking stocks in todayquotes session was evident as the likes of UBA, Access, Skye Bank, Fidelity, First Bank, Diamond Bank, Oceanic, and First Inland recorded loss as early as opening session; bowing to intense supply pressure. Speculative interest however propelled Wema Bank, Spring Bank and Afribank, defying the bearish trend in the market to close higher. FCMB also posted marginal price gains. Non financial stocks like AP, Starcomms, Presco, UN Homes, Ikeja Hotel, among others also occupied top positions on percentage price gainers list in todayquotes proceedings as each booked gains in excess of 4%.

Source: CSL