Profit-taking weighs as CCNN, Pharma-Deko, Stanbic gain

Amid profit-taking activity that trailed the Nigerian stock market in the trading week to July 25, 2014, some equities recorded value increase – top on the list is Cement Company of Northern Nigeria (CCNN) plc, Parma-Deko plc, and Stanbic IBTC Holdings plc.

Summary of price changes shows 26 equities appreciated in prices lower than 48 equities in the preceding trading week.

Also, 54 equities depreciated in prices higher than 32 equities in the preceding week, while 120 equities remained unchanged, same as in the preceding week.

As pessimism trailed the market performance, CCNN reported highest price increase of N2.37 or 20.08 percent, from a week low of N11.80 to N14.17.

Parma-Deko followed after its share price rose from N1.50 to N1.72, adding N0.22 or 14.67 percent, while Stanbic IBTC Holdings rose by N1.83 or 6.71 percent, from N27.26 to N29.09.

Some analysts had expected modest improvement in the review trading week, hinging their earlier expectations on positive impact of second-quarter (Q2) results by some companies in the banking and oil and gas sub-sector, triggering market activity in favour of the bulls.

Despite their expectation, as the bears reigned in the review week the stock market lost over N200 billion from the value of equities.

Also, the NSE All Share Index (ASI), which tracks the performance of the Nigerian stock market, declined from a week open level of 42,891.82 points to 42,285.82 points at the close of deals, indicating a decline of 606 points or 1.41 percent week-on-week (WoW), and 0.46 percent month-to-date (MtD)

Looking further, other stocks that recorded value increase include: Ikeja Hotel plc, which rose from N0.75 to N0.80, adding N0.05 or 6.67 percent; Portland Paints and Products Nigeria plc appreciated from N4.92 to N5.22, adding N0.30 or 6.10 percent; Diamond Bank plc rose from N6.32 to N6.70, adding N0.38 or 6.01 percent, while the share price of Cutix plc appreciated from N1.80 to N1.90, up by N0.10 or 5.56 percent.

In addition, Mcnichols plc rose from N1.35 to N1.41, adding N0.06 or 4.44 percent; C & I Leasing plc rose from N0.50 to N0.52, adding N0.02 or 4 percent;,while Guaranty Trust Bank plc rose from N30 to N31, adding N1 or 3.33 percent.

“Equity transactions on the trading floor closed on a downward note as a result of price losses incurred by major blue-chip companies. This week, the market is likely to pick up and activities stronger on the basis that investors will make moves for blue-chip stocks that have released good Q2 results,” according to market analysts at Access Bank plc.

On the losers table, Evans Medical plc led the chart after its share price dropped from N2.35 to N2.06, down by N0.29 or 12.34 percent; Japaul Oil and Marine Services plc declined from N0.57 to N0.51, losing N0.06 or 10.53 percent, while Champion Breweries plc also recorded huge lost after its share price dropped from N10.17 to N9.19, losing N0.98 or 9.64 percent.

In addition, Eterna plc dipped from N4.30 to N3.90, down by N0.40 or 9.30 percent; Forte Oil plc declined from N238 to N216, down by N22 or 9.24 percent; NPF Micro Finance Bank plc dropped from N1.10 to N1, losing N0.10 or 9.09 percent, and Ashaka Cement plc declined from N33.03 to N30.27, down by N2.76 or 8.36 percent.

Also, on the top laggards list Costain (West Africa) plc declined from N1.26 to N1.16, down by N0.10 or 7.94 percent; Unilever Nigeria plc also dipped from N52.77 to N49, losing N3.77 or 7.14 percent, while Transnational Corporation of Nigeria plc dropped from a high of N5.91 to N5.51, down by N0.40 or 6.77 percent.

Iheanyi Nwachukwu