NSE Market Capitalisation dips further by N10 billion



By Moses Ebosele


TRANSACTIONS activities on the floor of the Nigerian Stock Exchange (NSE) continued yesterday on downward note, with investors losing N10 billion, occasioned by losses suffered by most blue chip firms.


Precisely, as at the close of transactions yesterday, the All-Share Index which measures the performance of quoted firms dropped by 0.17 per cent or 44.06 points to close at 24,988.03 as against 25,032.09 as its opening index while market capitalisation shed weight by 0.16 per cent or N10 billion to close at N6.1 trillion.


For the past four trading days, NSE’s market capitalisation has dropped by N188billion, a development, which stockbrokers and other experts blamed on the present crisis in the market, coupled with plans by some investors to raise money for holidays


At the close of transactions yesterday, 25 stocks appreciated in value with Unilever leading the pack of gainers’ with N1.17 to close at N24.67. Okomu Oil followed with a gain of 61 kobo to close at N12.81. Cadbury Nigeria added 50 kobo to close at N29. Ecobank Transnational Incorporated increased by 46 kobo to close at N16.60 while Presco added 30 kobo to close at N6.30.


On the hand, 29 stocks constituted the losers table with Nigerian Breweries topping the chart with a loss of N1.55 to close at N69.10. Access Bank shed 25 kobo to close at N8.20. RT Briscoe Plc dropped by 19 kobo to close at N3.65. Nigerian Bags decreased by 11 kobo to close at N2.65 kobo. Diamond Bank also depreciated by 11 kobo to close at N7.20 among others.


Also, investors staked a total of 145.2 million shares worth N1.4 billion in 5,208 deals.


Further analysis of transactions showed the banking sub-sector as the most active with a turnover of 79.4 million shares valued at N520.7 million in 2,838 deals.


The mortgage sub-sector followed with a turnover of 13 million shares worthN12.7 million in 108 deals. Automobile sub-sector recorded a turnover of 10.7 million valued at N39.2 million in 21 deals while insurance sub-sector recorded a turnover of 7 million shares valued N8.2 million in 217 deals.


A shareholder who pleaded anonymity in an interview with The Guardian, appealed to parties in the present crisis in the market to desist from granting press interviews, adding that it is the only way to curtail the ongoing slide in the market.


Source: Guardian



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