Equities reverse gains as capitalisation plunges by N119b

Transactions on the floor of Nigerian Stock Exchange (NSE) reversed gains to close on a downward note yesterday, as market capitalisation depreciated by N119 billion.

Yesterday, market capitalisation of listed equities declined by 0.57 per cent to close at N20.544 trillion from N20.663 trillion recorded the previous day. The All Share Index also plunged by 226.26 basis points to 39267.11 points from 39493.37 points.

Investors traded 336.125 million shares valued at N3.268 billion in 4394 deals against 522.174 million shares cost N10.650 billion 4566 deals.

Analysts at Vetiva Dealing & Brokerage said: “With market activity playing out as we expected with regards to profit taking activity, we expect another session of mixed sentiment tomorrow, with cherry-picking likely to be at the fore.

“Furthermore, with some companies yet to release their financials, we expect investors’ appetite to be driven by the remaining financial performances.”

The price movement chart showed that Livestock Feeds led gainers’ table, increasing by 9.66 per cent or N0.17 kobo to close at N1.93 kobo. Courtville business solution followed with a gain of 9.09 per cent or N0.02 kobo to close at N0.24 kobo.

Cornerstone Insurance gained 9.09 per cent or N0.05 kobo to close at N0.60 kobo, NPF Microfinance Bank added 8.33 per cent or N0.15 kobo to close at N1.95 kobo Regalex grew 7.89 per cent or N0.02 kobo to close at N0.28 kobo.

On the other hand, Regal Insurance topped losers chart, dropping by 9.09 per cent or N0.03 kobo to close at N0.30 kobo. Prestige Insurance trailed with a loss of 8.89 per cent or N0.04 kobo to close at N0.14 kobo.

Daar Communication fell by 8.00 per cent or N0.02 kobo to close at N0.23 kobo. Sovereign Trust Insurance dipped by 4.17 per cent or N0.01 kobo to close at N0.25 kobo.

On the activity chart, United Bank for Africa was the toast of investors, exchanging 78.889 million shares worth N418.139 million. Courtiville followed with account of 43.907 million shares cost N10.532 million. Guaranty Trust Bank traded 28.970 million shares cost N955.080 million.

Zenith Bank PLC traded 24.907 million shares valued at N560.465 million while Transnational Corporation of Nigeria exchanged 22.621 million shares cost N17.960 million