By Bamidele Ogunwusi and Gloria Ishaleku,
The Nigerian Stock Exchange (NSE) on Wednesday closed southward as twin market indicators, the All-Share Index and Market Capitalisation declined by 1.17 per cent each.
Market Capitalisation dropped N121.899 billion to close at N10.272 trillion as against N10.394 trillion recorded on Tuesday even as the All-share Index declined by 1.17 per cent to close at 29,870.86 points compared with 30,225.34 recorded the previous day.
At the close of trading on Wednesday, a total of 439.661 million shares valued at N4.534 billion changed hands in 4,345 deals compared with 938.209 million shares worth N7.487 billion which changed hands in 6,065 transactions on Tuesday with the financial service sector accounting for a total of 207.934 million shares valued at N1.030 billion in 1,673 deals as against 738.104 million shares valued at N4.284 billion which changed hands in 2,597 transactions on Tuesday.
Meanwhile, shareholders of UACN Property Development Company (UPDC) Plc yesterday at the company’s Annual General Meeting (AGM) approved a dividend of 50 kobo per ordinary share of 50 kobo which was proposed by the board of the company.
The total amount of dividend for the 2014 financial year was N859.375 million.
Chairman of the Company, Mr. Larry Ettah, while addressing shareholders at the meeting, said the company is focused on long term value creation and has put in place strategies to enable it take advantage of emerging opportunities in the market place.
He noted that the Nigerian market remained attractive as there were significant untapped potentials in the residential segment, and numerous opportunities in the hospitality, retail, commercial and industrial segments of the market in the near term.
He, however, pointed out that the challenges being faced by the industry in terms of title uncertainties, high cost of funding, inadequate mortgage financing and poor infrastructure were expected to persist in the medium term and would continue to prevent effective demand in the low/medium residential market segments.
Source : Independent