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NSE’s market capitalisation slides further by N71b

By on March 29, 2011

DESPITE improved corporate performance recorded by some bluechip companies, price losses, yesterday, outweighed gains on the trading floor of the Nigerian Stock Exchange (NSE), resulting to a further slide in market capitalisation by N71 billion.

Volume of shares traded also dropped significantly, from 201 million units worth N1.6 billion exchanged in 5,529 deals, on Friday, to 152 million units valued at N1.1 billion exchanged in 5,081 deals, yesterday.

Consequently, the market capitalisation of equities dropped by N71 billion or 0.9 per cent to close at N7.872 trillion, while the All-Share Index equally shed 223.64 basis points or 0.9 per cent to close at 24,639.74 index points, as against the opening index of 24,863.38.

At the close of the day’s trading, 17 stocks recorded price appreciation, while 38 others shed weight.

ABC Transport led the percentage chart with a gain of five per cent to close at 63 kobo. Wema Bank followed with a gain of 4.9 per cent to close at N1.50, while UBN added 4.86 per cent to close at N3.67.

Continental Reinsurance, Eternaoil, TransNational Corporation added 4.71, 4.65 and 4.30 per cent to close at N0.89, N4.95 and N0.97 per share.

FTN Cocoa gained 4.00 per cent to close at N0.52 per share, while RT Briscoe and NEM Insurance added 3.81 and 3.77 per cent to close at N3.00 and N0.55 per share respectively.

On the other hand, Japaul Oil led the losers’ table with a loss of five per cent to close at N1.52. Dangote Flour followed with a loss 4.99 per cent to close at N16.17, while CCNN shed 4.94 per cent to close at N11.35 per share.

United Bank for Africa lost 4.92 per cent to close at N8.13 per share, while Goldlink Insurance shed 4.92 per cent to close at N0.58 per share, while UPL lost 4.90 per cent to close at N4.85 per share.

Further analysis showed that the banking sub-sector was buoyed by the activities in the shares of FinBank and Skye Bank.

Source : Guardian