Market capitalisation drops by N60bn in a bearish trading

Activities at the Nigerian Stock Exchange (NSE) on Thursday reversed to the downward trend after appreciating for three consecutive days.

The News Agency of Nigeria (NAN) reports that the market capitalisation, which opened at N12.891 trillion lost N60 billion to close at N12.831 trillion due to profit taking.

Also, the All-Share Index depreciated by 181.51 basis points or 0.46 per cent to close at 38,957.47, compared with 39,138.98 declared on Wednesday following price depreciation.

Skye Shelter Fund recorded the highest price loss, shedding N5 to close at N95 per share.

Seplat trailed with a loss of N4.99 to close at N635.01 while Mobil dipped N4.75 to close at N120.80 per share.

Dangote Cement lost N4.67 to close at N220.31 while Guinness depreciated by N3 to close at to close at N177 per share.

Market analysts attributed the downward trend to quick capital appreciation embarked upon by some investors to recoup their investments.

NAN reports that Forte Oil led the gainers’ chart, appreciating by N5.95 to close at N155.95 per share.

Nigerian Breweries came second with N3.90 to close at N162.50 while Total advanced by N1 to close at N155 per share.

Ecobank Transnational Incorporated gained 95k to close at N14.30 while National Salt Company of Nigeria appreciated by 43k to close at N12.64 per share.

Similarly, the volume of shares traded declined by 29.70 per cent with an exchange of 291.58 million shares valued at N4.43 billion transacted in 5,015 deals.

This was against a total of 414.78 million shares worth N4.46 billion achieved in 4,945 deals on Wednesday.

NAN reports that the financial services sector remained the toast of investors’, accounting for 280.20 million shares valued at N2.51 billion in 2,835 deals.

FBN Holdings drove transactions in the sector with 54.41 million shares worth N729.36 million traded in 552 deals.

It was followed by Zenith Bank which traded 29.16 million shares, valued N683.69 million in 278 deals while UBA transacted 27.69 million shares worth N203.81 million, achieved in 275 deals.

FCMB accounted for 19.91 million shares, valued N80.38 million in 232 deals and Access Bank recorded 17.21 million shares valued N169.12 million transacted in 224 deals. (NAN)