Bears drag stock market capitalisation by N6 billion

•As NSE announces voluntary delisting of Law Union and Rock Insurance
The Nigerian equities market halted gaining streak to close on a downturn yesterday, following profit-taking by investors at the Exchange, causing market capitalisation to fall by N6 billion.

At the close of transactions Thursday, market capitalisation of the Nigerian Stock Exchange (NSE) depreciated by N6 billion to N16.068 trillion from N16.062 trillion reported the previous day.

The All -Share Index also fell by 2.96 basis points to 30738.92 points from 30741.88 points recorded on Wednesday. The downturn was impacted by losses recorded in medium and large capital stocks, amongst which were Flour Mills of Nigeria, International Breweries, Fidson Healthcare, Union Bank of Nigeria (UBN), and GlaxoSmithKline Consumer Nigeria.

Market breadth was positive, with 18 gainers versus 17 losers. Transnational Corporation of Nigeria (Transcorp) recorded the highest price gain of 9.86 per cent to close at 78 kobo per share.

Learn Africa followed with 9.52 per cent to close at N1.15, while Africa Prudential advanced 9.35 per cent to close at N6.20, per share.
Livestock Feeds rose 8.99 per cent to close at 97 kobo, and Mutual Benefits Assurance appreciated by five per cent to close at 21 kobo, per share.

On the other hand, Linkage Assurance led the losers’ chart by 8.89 per cent to close at 41 kobo per share. Associated Bus Company followed with 8.82 per cent to close at 31 kobo, while Consolidated Hallmark Insurance lost 8.11 per cent to close at 34 kobo, per share.

Union Diagnostic and Clinical Services slipped 7.41 per cent to close at 25 kobo, and Fidson Healthcare shed 6.82 per cent to close at N4.10, per share.

Total volume traded appreciated by 50.16 per cent to 430.121 million shares worth N6.619 billion, traded in 4,319 deals. Transactions in the shares of FBN Holdings topped the activity chart with 61.493 million shares valued at N390.604 million.

BUA Cement followed with 50.275 million shares worth N2.284 billion, while Access Bank traded 46.236 million shares at N373.697 million.
Transcorp traded 38.542 million shares valued at N29.577 million, and Zenith Bank sold 35.991 million shares worth N787.370 million.

Meanwhile, the NSE also notified stakeholders that the entire 4,296,330,500 outstanding ordinary shares of Law Union and Rock Insurance Plc were delisted from the daily official list of the Exchange yesterday.