NSE’s market capitalisation depreciates by N55b in three trading days

THE bears consolidated their hold on the market yesterday, as more highly capitalised companies joined the league of losers, causing market capitalisation to depreciate by N55 billion in three trading days.

THE bears consolidated their hold on the market yesterday, as more highly capitalised companies joined the league of losers, causing market capitalisation to depreciate by N55 billion in three trading days.

Specifically, the All-Share Index dropped by 172.11 basis points or o.6 per cent from 25,790.64 recorded on Friday to 25,618.53 yesterday while market capitalisation slide by N55 billion from N8, 240 trillion to N8, 185 trillion.

Yesterday, 36 stocks recorded price depreciation compared to 15 that constituted the loser’s chart.

Conoil topped the day’s gainers table with five per cent to close at N39.90 per share followed by Julius Berger with 4.99 per cent to close at N55.71 per share.

UTC added 4.76 per cent to close at N0.66per share, while National Salt Company of Nigeria trailed with 4.55 per cent to close at N5.75 per share.

Other gainers include GuarantyTust Assurance, Nigerian Bags Manufacturing Company, Law Union & Rock, adding 4.52,3.24 and 1. 82 per cent to close at N1.62, N2.55 and N0.56 per share.

Eco Bank gained 1.52 per cent to close at N4.00 per share, while FinBank added 1.49 per cent to close at N0.68 per share.

However, United Bank for Africa led others on the losers’ chart with five per cent to close at N6.08 per share, while Diamond Bank followed with 4.98 per cent to close at N5.92 per share.

Berger Paints and Cement Company of Northern Nigeria lost

4.94 per cent to close at N11.73 and N11.17 per share respectively. Union Bank of Nigeria dropped 4.91 per cent to close at N2.71 per share, while Poly Products shed 4.79 per cent to close at N1.39 per share.

Cadbury, C&I Leasing, Afribank also dropped 4.76, 4.62 and 4.47 per cent to close at N20.00, N1.24 and N1.71 per share.

With transactions exchanged in 2,744 deals, the banking sub-sector dominated in volume terms with 101million shares worth N855 million followed by the insurance sub-sector with 14 million units worth N10 million in 207 deals.

The food\beverages & tobacco sub-sector ranked third with 7.9 million shares worth N229 million in 445 deals.

Transactions in the shares of First Bank boosted activities in the banking sub-sector with 15 million shares worth N203 million, followed by Zenith Bank with 13 million units valued at N201 million in 321 deals.

The insurance sub-sector was buoyed by activities in the shares of NEM insurance, which traded four million units worth N2 million in 27 deals.