the worst performing stock during the period under review in percentage terms, dropping by 27.67 per cent or N45.90 to close at N120 per share against the month opening price of N165.90.
NAHCO trailed with a loss of 25.72 per cent or 0.89k to close at N2.57 per share against N3.46 it closed for the month of September.
Ashaka Cement lost 24.65 per cent or N4.01 to close at N12.26 against N16.27 achieved in September, while Glaxosmithkline lost 23.88 per cent or N4.68 to close at N14.92 compared with N19.60 in the preceeding period.
Conversely, Caverton emerged the best performing stock in percentage terms, appreciating by 44.74 per cent to close at N1.10 per share compared with 76k it opened for the month.
Total garnered 16.95 per cent to close at N345 against N295 per share it opened trading for the month of September.
Okomu Oil increased by 13.29 per cent to close at N43.05 compared with N38 in September and Air Space rose by 10 per cent to close at N2.20 against N2 achieved in the previous month.
Some stakeholders attributed dismal performance of the market to unimpressive third results released by most quoted companies due to challenging economic environment.
Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., said that disappointing third quarter earnings affected the volume and value of shares during the period.
Mr. Kurfi said that the results declared by the companies were a true reflection of the economy, noting that Nestle’s inability to declare interim dividend is a reflection of the market downturn.
He stated that the market would likely maintain the negative trend in November because of loss of confidence.
Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., described the month of October as a disappointment despite its being an earning season.
“The market performance for October was a disappointment to many investors being an earning season month expected to turn the market around,” Omordion said.
He explained that the poor corporate earnings, weak economic fundamentals and lack of concrete economic plan to pull the nation out of recession contributed to the market lull.
Mr. Omordion said that these challenges had led to fear and dwindling confidence of investors in the market which affected demand for equities.
He, however, expressed optimism that fund managers and some investors were expected to reposition their portfolios for year-end activities on the strength of some positive third quarter earnings.
(NAN)
