Capitalisation dips by N15 billion amid selloff in Geregu, others

The Nigerian Exchange Limited (NGX) reversed gains at the end of yesterday’s transactions, occasioned by sell pressure in Geregu and 23 stocks, causing market capitalisation to depreciate by N15 billion.

The all-share index (ASI) lost 27.06 points, representing a decline of 0.04 per cent to close at 65,309.65 points. Also, market capitalisation declined by N15 billion to close at N35.54 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Geregu Power, Northern Nigeria Flour Mills (NNFM), Eterna, Dangote Sugar Refinery and Cadbury Nigeria.

As measured by market breadth, market sentiment was positive, as 29 stocks gained relative to 24 losers.

Guinness Nigeria Plc led gainers chart, adding 10 per cent to close at N60.50 kobo, GlaxoSmithKline followed with a gain of 9.74 per cent to close at N10.70 kobo, Chellaram added 9.73 per cent to close N3.72 kobo, Universal insurance added 9.09 per cent to close at 24 kobo.

Guinea insurance appreciated by 7.14 per cent to close at 30 kobo. UACN increased by 6.28 per cent to close at N11. Cornerstone Insurance added 4.44 per cent to close at 94 kobo. Jaiz Bank increased by 4.4 per cent to close at N1.90 kobo. Prestige Assurance garnered 4.26 per cent to close at 49 kobo. Chams also rose by four per cent to close at N1.04 kobo.

On the contrary, NSLTech topped the losers chart with 10 per cent to close at 27 kobo, Northern Nigeria Flour Mills trailed with a drop of 9.89 per cent to close at N12.30 kobo, JohnHolt dipped by 9.52 per cent to close at N1.33 kobo, Tantalizer was down by 8.33 per cent to close at 33 kobo, Mutual Benefits fell by 7.69 per cent to close at 48 kobo.

Geregu shed 6.38 per cent to close at N323 kobo. Cadbury followed with 6.16 per cent to close at N13.70 kobo. Aiico depreciated by 5.71 per cent to close at 66 kobo. Eterna shed 5.08 per cent to close at N20. NPFMicro MicroFinance Bank depreciated by 4.76 per cent to close at N1.80 kobo. Livestock also shed 4.10 kobo to close at N1.87 kobo.

The total volume traded declined by 4.97 per cent to 317.808 million units, valued at N4.472 billion, and exchanged in 6,376 deals.