Market indices sustain sliding profile, loses N71 billion

Following losses suffered by major blue chip stocks, equity transactions on the trading floor of the Nigerian Stock Exchange (NSE), sustained sliding profile yesterday, causing market capitalisation to plunge further by N71billion.

At the close of trading yesterday, the market capitalisation lost N71billion to close at N13.445trillion in contrast to N13.516trillion recorded on Monday
Also, the All-Share Index, which opened at 37,980.67, dropped 196.91 points or 0.52 per cent to close at 37,783.76 due to price loses.

Analysts attributed the further drop in indices to profit taking ahead of the Yuletide celebrations.

Specifically, the Chief Operating Officer, InvestData Ltd., Ambrose Omorodion, explained that the consistent drop in indices was due to profit taking embarked by investors in preparation for Christmas celebrations.

According to him, investors were taking advantage of price rally recorded by some stocks in the market to attend to their pressing needs ahead of the Yuletide.

Further analysis of yesterday’s trading showed that Dangote Cement for the second consecutive day led the losers’ table, shedding 1.50 kobo to close at N228.50 per share.

Dangote Sugar Refinery trailed with a loss of N1.08 to close at N20.57, while Forte Oil was down by N1.02 to close at N43.48 per share. Ecobank TransNational Incorporated dipped by 70 kobo to close at N16.80, while Cadbury depreciated by 50 kobo to close at N13.40 per share.

On the other hand, Unilever recorded the highest price appreciation to lead the gainers’ table for the day with 1.79 kobo to close at N41.99 per share. Eterna Oil followed with a gain of 16 kobo to close at N4.15 per share.

Access Bank increased by 6 kobo to close at N10.40 per share. Continental Reinsurance added 4 kobo to close at N1.39, while Livestock Feeds also appreciated by 4 kobo to close at 86 per share.

The volume of shares traded rose by 626.01 per cent with an exchange of 649.63 million shares valued at N5.43billion transacted in 3,888 deals. This was against the 89.48 million shares worth N1.83billion traded in 1,499 deals on Monday.

TransNational Corporation emerged as investors’ delight, accounting for 360.34 million shares valued at N504.63million. FBN Holdings came second with a turnover of 63.80 million shares worth N567.02million.

Zenith International Bank sold 62.51 million shares valued at N1.59billion. GT Bank traded 38.95 million shares worth N1.56billion, while Thomas Watt sold 22.35 million shares valued at N11.17million.