Equities market loses N60bn in early November trading

The equities segment of The Nigerian Stock Exchange dropped by N60 billion in early November transactions over investors’ profit-taking in blue chip companies.

The market capitalisation dropped from N9.35 trillion it opened in November to close on Friday at N9.29 trillion.

Consequently, The All-Share Index fell by 0.87 per cent or 238.49 basis points from 27,220.09 basis points it opened November to 26,981.60 basis points.

However, the All-Share Index on Friday dropped by 0.23 per cent to close at 26,981.60 basis points from 27,044.36 basis points it opened.

The day’s performance was preceded by a general decline among the sectoral indices, except the NSE Consumer Goods Index that added 0.41 per cent on account of a 2.51 per cent growth in the shares of Nestle Nigeria Plc and the Industrial Index that added 3.9 per cent following a 10.20 per cent growth in the shares of WAPCO Plc.

Meanwhile, price decline in Total, Seplat, UPL among 15 others, dragged the market performance resulting in a loss of N1 billion by investors, as market capitalisation fell to N9.29 trillion.

Market activity as measured by total volume traded increased by 35 per cent to 151.9 million valued at N1.2 billion exchanged in 2,903 deals as against 112.5 million shares valued at N2.4 billion traded in 2,684 deals previous day.

Market breadth worsened as seven gainers were paired against 18 losers. Total Nigeria Plc and Seplat Petroleum Development Company led the days declining stocks with a depreciation of five per cent to close at N315.9 and N361 per share respectively, while UPL Plc followed with a loss of 4.89 per cent to close at N3.89 per share.

On the other hand, Wapco Plc grew by 10.20 per cent to close at N54.88 per share, Airservice Plc added 8.55 per cent to close at N2.54 per share, and Africa Prudential Registrars Plc increased by 4.84 per cent to close at N2.60 per share.

Transactions in the shares of Sterling Bank Plc topped the activity chart with 33.7 million shares valued at N27.6 million. Zenith Bank Plc followed, having traded 24.2 million shares worth N359.4 million, while FBN Holdings Plc came third having traded 20.2 million shares valued at N61.7 million.