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Market capitalisation falls by N376bn as sell-off continues

By on December 13, 2014

The equities market fell for the fourth straight day this week on Thursday as the sell-off, which had eroded the value of stocks, deepened.

As a result, the market capitalisation of the listed equities declined by N376bn from N10.631tn to N10.255tn.

Similarly, the Nigerian Stock Exchange All Share Index dropped significantly, shedding 3.54 per cent or 1,141.59 basis points to close at 31,062.03 basis points.

It was the ASI’s biggest drop so far this week and it caused its year-to-date return to slip to 24.84 per cent negative.

The NSE banking sub-sector sustained its dominance on the activity chart, accounting for 54.7 per cent of total turnover.

A total of 204.971 million shares valued at N2.267bn were sold in the sub-sector in 1,514 deals with trading in the shares of Diamond Bank Plc, Guaranty Trust Bank Plc and Zenith Bank driving volume.

In all, investors exchanged 374.704 stocks worth N5.615bn in 4,258 deals.

Only 10 stocks recorded price appreciation on Thursday, while 44 others recorded price depreciation.

Beta Glass and eTranzact Plc gained 4.97 per cent and 4.94 per cent to close at N24.30 and N2.55 per share, respectively and topped the gainers.

On the other hand, Flour Mills of Nigeria Plc and Transnational Corporation of Nigeria Plc topped the losers, shedding 9.74 per cent and 9.62 per cent to close at N43.74 and N3.10 per share in that order.

Twelve of the equities that record losses on Thursday fell by five per cent.

They include Nigerian Breweries Plc, Mobil Nigeria Plc, Nestle Nigeria Plc, Forte Oil Plc and Guinness Nigeria Plc.

On Wednesday, both the NSE ASI and the market capitalisation of the listed equities had shed 2.21 per cent to close at 32,203.62 basis points and N10.631tn, respectively with all market indicators declining with the exception of the NSE ASeM Index.

For instance, the NSE 30 Index shed 2.1 per cent to close at 1,472.22 basis points, the NSE Banking Index was down by 1.28 per cent to close at 339.54 basis points, while the NSE Insurance Index declined by 1.39 per cent to 147.47 basis points.

 

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