Stock Market Responding To Global Food Crisis –okereke-onyiuke

By Obinna Chima
Published: Thursday, 1 May 2008

http://www.punchng.com/Articl.aspx?theartic=Art20080501134878


The Director-General of the Nigerian Stock Exchange, Prof. Ndi Okereke-Onyiuke, has linked the bearish trend in the stock market with the global food crisis.


Onyuike Okereke

Okereke-Onyiuke, dropped this hint on Wednesday, at the presentation of the ‘Facts Behind the Figures’ by Afribank Plc on Wednesday.

She urged governments of the world to quickly address the issue before it got out of hand.

Meanwhile, the market capitalisation of the 218 listed equities suffered further decline, dropping by N43bn or 0.4 per cent, from N11.534tn on Tuesday, to close for the month of April at N11.491tn.

Similarly, the All-Share Index, which measures the performance of equities on the NSE, slumped by 0.4 per cent, from 59,663.22 on Tuesday to 59,440.91 at Wednesday’s close.

However, market analysts expressed optimism that the market would make a rebound in the month of May.

Oando Plc led the gainers’ chart with a gain of N8 close at N229 per share. Ecobank Transnational Incorporated Plc and Nigerian Breweries Plc chalked up N3.49 and N2 respectively, to close at N249.99 and N51 per share.

On the other hand, another petroleum marketing company,Conoil Plc led the losers’ chart, dropping by N5.25 to close at N122.50 per share. Guiness Nigeria Plc and Lafarge West African Portland Cement Company Plc shed N2.99 and N2.84 respectively, to close at N129.51 and N54.02 per share.

In all, a total of 810.209 million shares, valued at N14.010bn were traded in 16,611 transactions.

This represents an increase of 17 per cent in terms of turnover, over the 689.905 million shares, worth N12.201bn, exchanged on Tuesday in 17,963 deals.

The banking sector led on the activity chart, trading 476.373 million shares, valued at N10.827bn in 8,076 transactions.

The sector accounted for 77 per cent of the total market value. High trading in the shares of First Inland Bank Plc largely drove activities in the sub-sector, accounting for 34 per cent of the sector’s turnover.

In the insurance sub-sector, a total of 192.065 million shares, worth N728.169m were traded in 3,223 transactions.

The sub-sector accounted for 24 per cent of total market turnover.

High trading in the shares of Universal Insurance Company Plc drove activities in the sector, accounting for 47 per cent of the sector’s turnover.