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Nigerian Stock Exchange Watch: Market Cap Sheds N72 Billion

By on February 28, 2012

The market fell for the second consecutive day due to the activities of profit-takers, compounded with huge losses in blue chip, highly capitalized stocks such as Nigerian Breweries (-4.99%) and First Bank (-5%).

The All Share Index was down 1.11% to close at 20,137.51, and the market cap of the bourse deflated by N 72 billion to close at N 6.35 trillion.

The banking sub-sector shed 2.71% as not many banks recorded significant upsides to counter First Bank’s imposing downside. UBA was one of the few that broke from the trend, recording a gain of 4.02%, even as Diamond and Fidelity gained 196 and 288 points respectively.

Other banks recorded marginal upticks, Access (+0.56%), GTBank (+0.42%), and Skye (+0.48%).

The Insurance sub-sector also tanked, depreciating by 1.49%. GTAssure (-4.55%), Intercontinental Wapic (-3.85%), Prestige (-4.48%), and Cutodian (-4.82%) were all hit by profit taking activities.

Aiico (+4%) and Goldlink (+3.33%) were the two stocks that bucked the trend.

Consumer goods stock also took a beating with 7UP (-4.57%), Cadbury (-2.67%), Dangote Sugar (-3.06%), Nascon (-4.73%), Flour Mills (-1.80%) and other stocks recording price depreciation in today’s session.

The volume of stocks traded today (417 million) fell by 3%, whilst their value (N2.62 billion) did not move from yesterday’s position.

Top stocks in today’s session were:

Trailing the market were the following five:

Activity leaders were dominated by the banks with the exception of NEM: