Profit taking: NSE’s market capitalisation drops to N12trn Wednesday

The market capitalisation of the Nigerian Stock Exchange (NSE) dropped to N12 trillion, amid huge sell off of stocks of blue chip companies.

Specifically, the market capitalisation lost N103 billion or 0.79 per cent to close at N12.948 trillion against N13.051 trillion recorded on Tuesday.

Also, the All-Share Index, which opened at 26,809.92 shed 210.98 points or 0.79 per cent to 26,598.94.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Dangote Cement, Guinness Nigeria, Nigerian Breweries and Presco.

The market recorded 12 gainers as against15 losers.

Learn Africa recorded the highest price gain in percentage terms to lead the gainers’ table with 9.80 per cent to close at N1.12 per share.

Chams and Cornerstone Insurance followed with a gain of 8.33 per cent each, to close at 26k and 39k per share respectively.

Jaiz Bank went up by 4.26 per cent to close at 49 kobo, while Access Bank appreciated by 2.80 per cent to close at N7.35, per share.

On the other hand, PZ led the losers’ chart decreasing by 10 per cent, to close at N6.30 per share.

NCR followed with a decline of 9.09 per cent to close at N4.50, while Guinness went down by 7.69 to close at N30 per share.

United Capital dipped 6.98 per cent to close at N2, while Neimeth International Pharmaceuticals shed 6.52 per cent to close at 43k per share.

However, the total volume closed on an upbeat note as investors bought and sold 591.04 million shares worth N7.398 billion in 2,907 deals.

This was in contrast with 151.71 million shares valued at N1.13 billion exchanged in 2,854 deals on Tuesday.

Transactions in the shares of Custodian Investment topped the activity chart with 348.05 million shares valued at N2.52 billion.

Access Bank followed with 52.58 million shares worth N383.44 million, while Lafarge Africa sold 28.15 million shares valued at N450.35 million.

Guaranty Trust Bank traded 21.84 million shares valued at N583.12 million, while Guinness Nigeria transacted 20.23 million shares worth N607.01 million. (NAN)