Price losses drag market capitalisation down by N104b
Following price losses suffered by virtually all the blue-chip stocks, transactions on the trading floor of the Nigeria Stock Exchange closed on a decline yesterday, as investors’ wealth plunged by N104 billion.
Specifically, at the close of trading yesterday NSE-ASI was down by 284.83 absolute points, representing a dip of 0.87 per cent to close at 32,437.35 points. Similarly, the market capitalisation decreased by N104 billion to close at N11.842 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat Petroleum Development Company, Dangote Cement, Chemical & Allied Products (CAP), UAC of Nigeria and Glaxosmithkline Consumer Nigeria.Analysts at Afrinvest Limited said that “although sentiments in the market remain soft, we believe it presents an entry opportunity for long term investors to position in fundamentally sound stocks. Nonetheless, we maintain a bearish outlook for the market in the near term.”
Market breadth closed negative, with 11 gainers versus 22 losers. Sunu Assurance recorded the highest price gain of 10 per cent, to close at 22 kobo per share. Continental Reinsurance gained 9.63 per cent to close at N1.48, while Cutix appreciated by 8.37 per cent to close at N2.20 per share.Africa Prudential appreciated by five per cent to close at N4.20, while Wapic Insurance gained 4.88 per cent to close at 43 kobo per share.
On the other hand, Pharma Deko led the losers’ chart by 10 per cent, to close at N1.71 per share. UAC of Nigeria followed with a decline of 9.09 per cent to close at N10, while Law Union & Rock Insurance depreciated by 7.84 per cent to close at 47 kobo per share. Niger Insurance declined by 6.67 per cent to close at 28 kobo and CAP shed 6.21 per cent to close at N30.95 per share.
The total volume traded depreciated by 63.63 per cent to 240.76 million shares, worth N3.66 billion, and traded in 2,974 deals. Transactions in the shares of Zenith Bank topped the activity chart with 87.05 million shares valued at N1.98 billion. United Bank for Africa (UBA) followed with 68.37 million shares worth N560.36 million, while Fidelity Bank traded 15.93 million shares valued at N29.58 million.Sterling Bank traded 12.99 million shares valued at N19.48 million, while Guaranty Trust Bank transacted 4.37 million shares worth N236.64 million.
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