Business

Market capitalisation plunges by N8 billion

market capitalisation plunges by n8 billion

Nigerian Stock Exchange (NSE). Photo: TWITTER/OLATAIWO/NSENIGERIA

Transactions on the Nigeria Stock Exchange (NSE) reversed the previous session’s gains to close on a downturn yesterday, with market capitalisation depreciating by N8 billion.

The All-Share Index (ASI) fell by 14.68 absolute points, representing a decline of 0.04 per cent to close at 38,706.13 points while the overall market capitalisation closed at N20.251 trillion.

The downturn was driven by price depreciation in Guaranty Trust Bank, Vitafoam Nigeria, NCR Nigeria, Neimeth International Pharmaceuticals, and NEM Insurance.

Analysts at Afrinvest Limited said: “We anticipate an uptick in subsequent trading sessions as investors’ sentiment towards the market strengthened.”

As measured by breadth, the market trading sentiment was positive as 13 stocks gained relative to 12 losers. Wapic Insurance followed with a gain of 10 per cent to close at 55 kobo. SFS Real Estate Investment Trust followed with a gain of 9.94 per cent to close at N68.60 and Oando went up 9.67 per cent to close at N3.29 kobo.

Unity Bank was up by 9.09 per cent to close at 72 kobo while Livestock Feeds appreciated by 2.63 per cent to close at N1.95 kobo.

On the other hand, NCR Nigeria led the losers’ chart by 9.71 per cent to close at N2.79.

Neimeth International Pharmaceuticals followed with a decline of 9.09 per cent to close at N1.90, while Vitafoam Nigeria 5.16 per cent to close at N7.35 kobo.

AXA Mansard Insurance lost 5.05 per cent to close at 94 kobo, while NEM Insurance shed 4.57 per cent to close at N2.09 kobo.

The total volume of trades declined by 19.7 per cent to 177.396 million units, valued at N2.677 billion and exchanged in 4,103 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 34.196 million shares valued at N957.797 million.

Zenith Bank followed with 28.449 million shares worth N572.06 million, while United Bank for Africa (UBA) traded 17.68 million shares valued at N122.109 million.

Transnational Corporation of Nigeria (Transcorp) traded 17.641 million shares valued at N14.277 million, while Access Bank transacted 10.531 million shares worth N82.021 million.



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