NSE opens bearish as market capitalisation shots N143b

Equity transactions on the floor of the Nigerian Stock Exchange (NSE) started off the week on a downward note, following price losses recorded by most bluechip stocks, even as market capitalisation plunged by N143  billion.

Specifically, at the close of transactions yesterday, the market capitalisation of listed equities depreciated by 0.9 per cent or N143 billion to N14.641 trillion from N14.784 trillion recorded on Friday.

Also, the All-Share Index, which measures the performance of listed equities, slid by 395.38 points or 0.9 per cent from 40,928.70 to 40,533.32 points.Analysts at Afrinvest Securities Limited, yesterday, said “the NSE migrated Access Bank, Wapco, Seplat and UBA into its premium board and we believe this will improve sentiment on these stocks.

“Furthermore, we expect market performance to remain upbeat on account of increased bargain hunting.”Skye Bank led the gainers’ chart with 10 per cent to close at 88 kobo per share, as Oando followed with a gain of 9.42 per cent to close at 755 kobo, while Jaiz Bank appreciated by 8.45 per cent to close at 77 kobo per share.

Also, NEM Insurance went up by five per cent to close at 252 kobo and Unilever Nigeria rose by 4.85 per cent to close at N54 per share.On the other hand, UAC Property topped the losers’ chart by 7.86 per cent to close at 258 kobo per share, trailed by Mobil Nigeria, with a loss of five per cent to close at N190 per share, while Vitafoam Nigeria declined by 4.78 per cent to close at 299 kobo per share.

Courtville Business Solution also dropped by 4.76 per cent to close at 20 kobo, while Caverton followed by 4.53 per cent, to close at 253 kobo per share.However, the total volume of traded equities rose by 6.42 per cent to 1.16 billion, valued at N17.38 billion, and exchanged in 8,968 deals.

Transactions in the shares of Guaranty Trust Bank topped the activity chart, with 37.61 million shares valued at N1.65 billion. Japaul Oil followed with 21.35 million shares worth N10.313 million, while Fidelity Bank traded 13.23 million shares valued at N32.57 million. Zenith Bank traded 11.1 million shares worth N293.17 million and UBA transacted 10.1 million shares valued at N109.54 million.