Index plunges by N50 billion amid losses in Presco, NNFM

The Nigerian equities market reversed gains to close on a downturn, yesterday, as many blue-chip stocks, especially Presco and Northern Nigeria Flourmills (NNFM), depreciated, causing market capitalisation to dip by N50 billion.

Market capitalisation of listed equities decreased by 0.14 percent to N35.794 trillion from N35.844 trillion reported on Wednesday.

The all-share index, which measures the performance of listed equities, also depreciated by 91.1 basis points to 65401.82 points from 65492.92 points reported the previous day.

The downturn was impacted by depreciation in in large and medium capitalised stocks amongst which are Presco, NNFM, FBN Holding, Nigerian Aviation Handling Company, LeanAfrica, RedStar Express and FTN Cocoa.

The market recorded 19 gainers against 39 losers. FTNCocoa topped losers’ chart, declining by 9.95 percent to close at N1.81 kobo. Redstarex trailed with a loss of 9.93 per cent to close at N2.63 kobo.

Learn Africa fell by 9.88 percent to close at N3.65 kobo, Veritas Kapital dipped by 7.69 percent to close at 24 kobo. International Breweries also depreciated by 7.29 to close at N4.45 kobo.

On the other hand, Dangote Sugar Refinery, National Salt Company of Nigeria (NASCON), Omatek gained 10 percent to close at N44, N40.70 kobo and 33 kobo respectively.

Transnational Corporation of Nigeria and CWG also added 10 percent to close respectively at N5.28 kobo and N4.95 kobo.

Volume of trades increased by 234.764 million, representing 67.39 percent as investors traded 583.09 million shares valued at N12.902 billion in 6968 deals against 348.323 million worth N4.047 billion exchanged hands the previous day in 6237 deals.

Transnational Corporation of Nigeria led market activities with 144.489 million shares valued at N724.316 million in 736 deals.
Sterling Bank followed with account of 63.333 million shares worth N213.601 million in 88 deals, AccessCorp traded 54.725 million shares valued at N880.101 million in 592 deals.

GTCO exchanged 42.824 million shares cost N1.541 billion in 294 deals while Fidelity Bank exchanged 32.145 million shares cost N225.221 million in 183 deals.