LAST week, transactions in the equities marketended on a positive note but inched down for two days following profit taking by investors.Within the week, the equities sector recorded a turnover of 2.76 billion shares worth N7.99 billion in 16,961 deals, compared to a total of 1.14 billion shares valued at N8.86 billion, which exchanged hand in the previous weekin 18,880 deals.Also traded last week were 20,127 units of NewGold Exchange Traded Products (ETFs) valued at N51.33 million exchanged in 15 deals.At the close of trading activities for the week, the financial services sector of the equities market was the most active when measured by turnover volume with 2.36 billion shares valued at N4.88 billion traded in 9,625 deals.It was followedby conglomerates sector with 211.72 million shares valued at N466.05 million traded in 1,004 deals.On the price movement chart, the NSEAll-Share Index (ASI) opened at 20.902.95 appreciating by 281.63 points or 1.35 per centto close on Friday at 21.184.58.Two of the NSE sectorial indices closed upwards. The NSE 30 index rose by 11.87 points (or 1.25per cent) while the NSE Consumer Goods Index also rose by 0.79 points (or 0.05per cent).However, the NSE Banking-10 Index depreciated by -2.50 points or -0.83 per cent, the NSE Insurance-10 Index depreciated by -2.98 points or -2.45per cent. Also, the NSE Oil/Gas-5 Index depreciated by 9.32 points or -4.97per cent.Also the equities market capitalisation also appreciated from N6.67 trillion to N6.76 trillion. The Insurance Carriers, Brokers and Services sub-sector was the most active during the week when measured by turnover volumewith 1.87 billion shares worth N1.07 billion exchanged by investors in 359 deals.About 28 equities appreciated in prices during the week, higher than 22 of the preceding week.Dangote Cement Plc led on the gainers' table by 2.37 per centto gain N2.50 followed by UACN Plc by 5.80 per centto gain N1.74.On the other hand, 36 stocks depreciated in prices lower than forty-two of the preceding week. Total Nigeria Plc led on the price losers' table, dropping by -9.10 per centto lose N12.01 while Nigerian Breweries Plc followed with a loss of N3.00 or -3.00per cent.Meanwhile, Poly Products Plc has notified the Nigerian Stock Exchange (NSE) of plans to delist its shares from the daily official list.According to the company's stockbroker, Signet Investments and Securities Limited,the decision to delist 'became necessary because of the harsh economic conditions the Company has been going through in recent times'.The stockbroker, in its notice to the NSE, also explained that the harsh economic conditions'makes it difficult for the company to fulfill its obligations to the Exchange as at when due'.Speaking recently at thecompany's 45thyearly general meeting, Chairman ofPoly Products, Michael Bruce, lamented the highcost of printing and distributing yearly reports and accounts to its over 11,000 shareholders.He said: 'Various factors, including the general slowdown in the economy, high cost of doing business, statutory requirements of listed companies, cost of administering the register, cost of convening AGMs and Annual Reports & Accounts printing and postage pose difficulties for the company.'There are 11,000 shareholders, 10,246 of whom hold less than 10 per cent of the total equity. The administrative cost of managing such list is very high and it constitutes a significant drain on the resources of the company.'Between 2003 and 2008, the company faced severe problems that could easily have led to liquidation. Although this situation was averted, operational cost remains high.'The company recorded 7.2 per cent decline in turnover to N2.24 billion from N2.41 billion in 2010. Profit after taxalso droppedby 16.5 per cent from N60.7 million in 2010 to N50.7 million.The chairman attributed the decline in turnover to the closure of one of its plant at Ilupeju, adding that the closure became necessary following the old age of the extrusion machine, which had become unserviceable.
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