NSE’s market capitalisation plunges by N17 billion

Despite price gains that outweighed losses, the bears, yesterday, upstaged the bulls on the trading floor of the Nigerian Stock Exchange, following price losses suffered by major highly capitalised stocks, as market capitalisation depreciates by 17 billion.

Yesterday, the All-share index dropped by 46.98 points or 0.2 per cent from 26,918.22 recorded on Tuesday to 26,871.24 Also market capitalisation of listed equities fell by N17 billion or 0.2 per cent from N9,255 trillion to N9,238 trillion.

Twenty-two stocks appreciated in price, as Mobil topped the day’s highest price gainer with 9.83 per cent to close at N143.00 per share while Unity Bank followed with 9.30 per cent to close at N0.94 per share. TransNational Corporation added 9.02 per cent to close at N1.43 per share. Skye bank gained 8.96 per cent to close at N1.46 per share.

May&Baker, FO, Cutix garnered 5.00,5.00 and 4.91 per cent to close at N1.05, N286.65 and N1.71 per share.
Champion Breweries gained 4.83 per cent to close at N3.47 per share. Vono added 4.55 per cent to close at N0.69 per share.

However, 14 companies constituted the losers chart, as Nigerian Breweries emerged the day’s highest price loser with 4.99 per cent to close at N115.72 per share. PZ Cussons followed with 4.98 per cent to close at N26.90 per share.

TigerBrands lost 4.84 per cent to close at N1.18 per share. Avoncrown shed 4.61 per cent to close at N1.45 per share.
United Bank for Africa, Redstar Express, Sterling Bank dropped 4.11,2.30 and 1.64 per cent to close at N3.50,N4.25 and N1.80 per share. Ecobank TransNational Incorporated shed 1.26 per cent to close at N16.49 per share.

Guaranty Trust Bank shed 0.74 per cent to close at N18.86 per share. Oando dropped 0.50 per cent to close at N5.92 per share. Dangote Cement also shed 0.46 per cent to close at N152.30 per share.

The banking subsector maintained its dominance in volume terms with 39 million shares worth 401 million while the insurance subsector followed with 17 million units worth 10 million.

The banking sub sector was buoyed by activities in the shares of Guaranty Trust Bank with 18 million shares worth N350 million while Sterling bank followed with 9 million units valued at N16 million.

The insurance subsector was energised by activities in the shares of Consolidated Hallmark insurance with 15 million units worth N7 million.

On the whole, investors exchanged 149 million shares worth N1.6 billion in 3,255 deals.