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NEWS

• Shake-up imminent in ANPP
• As Third Mainland bridge re-opens: Lagosians heave sigh of relief
• Court orders arrest of PDP chieftain in Kaduna
• Imo deputy governor clashes with kinsmen  
• Principal, vice escape kidnap attack
• Village head, four others quizzed
• Group alerts of plot to rip-off Rivers officials
• Forum cautions Ijaws on minister for Niger Delta
• National Identity Cards in a fix 
• Group wants WAEC probed
• Nobody can stop my judicial commission of inquiry –Jang
• Fayose commends Oni's unity govt plan 
• Shun ostentatious living, Moslems told
• NEMA advises stake-holders on disaster management
• I'm okay with JTF operations –New Defence Chief 
• Monarchs endorse Akpabio for second term
• Anambra PDP Crisis: Ubah hails Gana's committee
• Rivers to get tourism dev. commission
• COREN goes tough on erring members
• 22 German students take courses in Hausa
• Varsity don raises alarm over materialism
• Speak your mother-tongue, Ohakim tells Nigerians

Relating Stories

• Telkom's takeover offer: Adenuga still
interested
• FG goes tough on oil majors
• FG to cushion electricity supply with N179b
• Ecobank, IFC to invest N8.4b in SMEs
• No rift over passage of 2009 budget — Babalola
• Sound City wins Glo Rock ‘n’ Rule account
• Downward trend persists
• Market Review

Downward trend persists

•As Cap closed lower at N9.8t •Index drops 2.33per cent

Analysts urge quick implementation of palliative measures.

THE bearish situation plaguing transactions on the Nigerian stock Exchange continued through the week under review. The All-Share Index dropped by 2.33per cent to close on Friday at 46,216.13. The market capitalization of the 203 First -Tier equities closed lower atN9.84 trillion.

Twenty - One (21) stocks appreciated in price during the week, higher than the twenty (20) in the preceding week. Seventy-Two (72) stocks depreciated in price during the week, higher than the seventy (70) in the preceding week.
Market analysts had attributed the decline to the slow implementation of measures aimed at stabilising the market, announced last month by the Federal Government.

The General Manager, Apex Securities, Mr. Amanze Olisaemeka, had said that the market was declining because investors had decided to adopt what he called a "wait and see attitude," pending the full implementation of the intervention measures.

He noted that apart from the implementation of the one per cent maximum downward limit on daily price movement, and the five per cent upper limit, which had been retained, the market had not experienced the full implementation of other measures.

He explained that .concrete actions had to be taken by stakeholders before activities in the market could be boosted.

A turnover of 2 billion shares worthN13.63 billion in 37,416 deals was recorded this week, in contrast to a total of 3.1 billion shares valued at N39.3 billion exchanged last week in 49,497 deals.

The Banking subsector was the most active during the week (measured by turnover volume), with 849.55 million shares worth N9.4 billion exchanged by investors in 19,456 deals. Volume in the Banking subsector was largely driven by activity in the shares of Spring Bank Plc. Trading in the shares of the bank accounted for 402.84 million shares, representing 47.42per cent of the subsector's turnover.

The Insurance subsector, boosted by activity in the shares of Investment & Allied Assurance Plc, followed on the week's activity chart with a turnover of 856.34 million shares valued at Nl.2 billion in 4,895 deals.
The Banking subsector led on the activity chart and was followed by the Insurance subsector, in the preceding week.