NSE’s Market Capitalisation Drops By N83 Billlion

Following price losses incurred by major highly capitalised stocks, trading on the Nigerian Stock Exchange (NSE) recorded a decline yesterday, causing market capitalisation to dip by N83 billion.
Yesterday, despite the N2.45 and N2.40 per share dividends declared by Zenith Bank and GT Bank, the market capitalisation dropped by N83 billion or 0.54 per cent to close at N15.325 trillion against N15.408 trillion.

Also, the All-Share Index, which opened at 43,073.45, lost 233.93 points or 0.54 per cent to close at 42,839.52.

A breakdown of yesterday’s transactions showed that 39 stocks depreciated in price as Nestle topped the table with a loss of 20.00 kobo to close at N1,380 per share.

Total trailed with a loss of 3.00 kobo to close at N246.00 per share while Dangote Sugar Refinery declined by 1.10 to close at N21.20 per share.

Cadbury shed 85 kobo to close at N17.10, while National Salt Company of Nigeria loss 70 kobo to close at N21.30 per share. Zenith bank dropped 0.55 kobo to close at N30.45 per share.

Guaranty trust bank depreciated by 0.25 kobo to close at N47.30 per share. African Prudential declined by 0.22 kobo to close at N4.37 per share. United bank for Africa also shed 0.15 kobo to close at N12.15 per share.

Conversely, Nigerian Breweries led 25 others on the gainers chart, appreciating by 90 kobo to close at N130.90 per share. Stanbic IBTC followed with a gain of 55 kobo to close at N49.15 per share. Dangote Cement increased by 40 kobo to close at N268.80 per share.

Fidson Healthcare added 24 kobo to close at N5.14 per share. UAC property advanced by 15 kobo to close at N3.15 per share.

The volume of shares transacted dropped by 8.44 per cent as investors bought and sold 373.52 million shares valued at N6.85 billion achieved in 5,220 deals.

This was against the 407.96 million shares worth N6.12 billion transacted in 5,247 deals on Tuesday. The financial service sector remained the toast of investors with Fidelity Bank emerging the most active, accounting for 45.80 million shares worth N131.49 million.

Zenith International Bank followed with 36.34 million shares valued at N1.11 billion, while FBN Holdings sold 34.11 million shares worth N388.95 million.
Mansard Insurance traded 25.26 million shares valued at N69.73 million, while FCMB Group accounted for 25 million shares worth N63.34 million.