The Nigerian Stock Exchange (NSE) basic indicators cascaded faster on Wednesday, in what seemed a desperate determination by edgy investors to reach the exit door, thereby making some gains before every profit available would be taken up. In the process, several stocks prices caved in under pressure from the obviously tensed trading environment, led by the major blue-chips. At the close of trading, equities capitalisation lost N256.26 billion, just as the All-Share-Index fell by a significant 1,161.18 basis points or 3.06 per cent to 36,703.98 points. Mid-week's decline brought cumulative loss since Monday to N290.08 billion and 1,314.46 points or 3.45 per cent respectively. The decline is much in line with earlier warning by analysts that the recent rebound presents an irresistible opportunity for profit takers (speculators) to swoop in soon. The ensuing bandwagon effects may not be unconnected with the fact that no one knows when the meltdown will

ease off.

Alcoholic and malt beverages brewing giant Guinness Nigeria lost 545 kobo, followed by Oando's 537 kobo, a day after sliding by 565 kobo; while Flour Mills of Nigeria lost 259 kobo; ahead of Nigerian Breweries' 216 kobo to 228 kobo decline a day earlier. Benue Cement Company dropped 151 kobo; Zenith Bank fell by 143 kobo; Ashaka Cement, 137 kobo; the same margin as First Bank; UACN lost all but 10 kobo of its 120 kobo gain on Tuesday; Union Bank of Nigeria followed with 105 kobo; just as Dangote Sugar Refinery lost 103 kobo, as against preceding session's 98 kobo gain. Northern Nigerian Flour Mills added 101 kobo to previous day's 106 kobo slide; PZ Cussons dropped 99 kobo; United Bank for Africa, 97 kobo; pharmaceutical and healthcare products- Glaxosmithkline Consumer shed 95 kobo; and Guaranty Trust Bank, 88 kobo. Afribank Nigeria lost 80 kobo; Unilever Nigeria, 74 kobo; Nigerian Aviation Handling Company, 72 kobo; Intercontinental Bank, 61

kobo; PlatinumHabib Bank, 58 kobo; Diamond Bank, 52 kobo; Skye Bank, 50 kobo; Access Bank and Oceanic Bank International lost 47 kobo apiece; Cement Company of Northern Nigeria, 46 kobo; University Press, 42 kobo; and Lafarge Cement WAPCO, 41 kobo; among others.

On the weak gainers' side, BOC Gases took the led, chalking 85 kobo; ahead of UACN Property Development Company, which added 80 kobo to previous day's 120 kobo; International Breweries grabbed 35 kobo; just as Dangote Flour Million chalked 31 kobo; among others.

Transaction volume dropped to 415.673 million shares valued at N2.749 billion in 10,935 deals, representing a decline of about 218.082 million units or 34.41 per cent when compared with previous day's 633.755 million shares valued at N5.546 billion in 11,435 deals.

The banking sub-sector pooled 145.99 million shares exchanged for N1.43 billion in 5,631 deals, helped by the 31.20 million units of Fidelity Bank that changed hands for N181.53 million in 537 deals.

Investors staked N188.03 million in exchange for 130.92 million shares in the insurance sub-sector in 1,503 deals, with Investment & Allied Assurance accounting for the bulk 38.10 million units exchanged for N19.052 million in 142 deals.

Meanwhile, reinsurance giant- Continental Reinsurance at the mid-week reported that profit before and after tax at the end of the third quarter ended September 30, 2008 grew at a slower pace than premium income. According to the result, gross premium income at N3.913 billion, increased by N1.971 billion or 101.49 per cent from previous nine months' N1.942 billion, while profit before tax could only rise by about N592.908 million or 67.59 per cent from N877.092 million in the corresponding third quarter of last year to N1.47 billion. Profit attributable to shareholders rose to N1.102 billion from N657.819 million, representing a growth of about N444.181 million or 67.52 per cent, translating to per share earnings of about 10.62 kobo, up from the previous 6.34 kobo per share. Net profit margin for the period increased to 28.16 per cent, down from the previous 33.87 per cent, indicating the need for management to keep a tab on the cost of business

expansion.

Further details show that working capital fell by a steep N6.671 billion or 75.54 per cent from N8.831 billion to N2.16 billion, just as net asset stood at N12.587 billion, down by about N1.491 billion or 11.83 per cent.