Market capitalisation drops further by N89b in bearish trading
The Nigerian Stock Exchange (NSE) yesterday commenced the second trading week of the year, on a downward note, occasioned by price losses in highly capitalised stocks, causing market capitalisation to depreciate further by N89 billion.
Yesterday, the All share index (ASI) shed 238.62 absolute points, representing a dip of 0.78 per cent to close at 30,400.28 points.
Similarly, the market capitalisation shed N89 billion at N11.337 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, Nestle Nigeria, Total Nigeria, MRS Oil Nigeria, Unilever Nigeria and Okomu Oil.
Analysts at Afrinvest Limited said market performance is expected to pick up mid-week due to bargain hunting in bellwethers while maintaining a bearish outlook for the month as election uncertainties heighten.
Also, analysts at Apel Research said the market is would maintain existing trend laced with bargain hunting in the next trading session.
Market breadth closed negative with 14 gainers against 34 losers. Diamond Bank and Wapic Insurance recorded the highest price gain of 10 per cent, each to close at N1.98 and 44 kobo, respectively, while A.G. Leventis Nigeria followed with a gain of 7.41per cent, to close at 29 kobo, per share.
Aiico Insurance appreciated by 6.25 per cent to close at 68 kobo, while Regency Alliance Insurance went up by five per cent to close at 21 kobo, per share. On the other hand, NEM Insurance and Resort Savings and Loans led the losers’ chart by 10 per cent, each to close at N2.34 and 45 kobo, respectively, while MRS Oil Nigeria followed with a decline 9.92 per cent to close at N23.15, per share.
UAC of Nigeria (UACN) declined by 9.90 per cent to close at N8.65, while Flour Mills Nigeria down by 9.84 per cent to close at N19.70, per share.
Total volume of trades declined by 33.42 per cent to 222.58 million units, valued at N3.34 billion, and exchanged in 3,746 deals. Diamond Bank traded with 77.68 million shares valued at N153.11 million. Zenith Bank followed with 19.75 million shares worth N430.1 million, while FBN Holding traded 10.82 million shares valued at N80.6 million.
Guaranty Trust Bank traded 8.46 million shares valued at N286.04 million, while Access Bank transacted 7.33 million shares worth N42.94 million.
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