NSE: Market capitalisation dips N31bn

Activities on the Nigerian equities market on Wednesday continued on downward posture with the market indices dropping further by 0.22 per cent.

Superficially, the market capitalisation dipped N31 billion or 0.22 per cent to close at N14.052 trillion compared with N14.083 trillion recorded on Tuesday.

In the same vein, the All-Share Index which opened at 27,033.10 decreased by 58.72 points, representing a loss of 0.22 per cent to close at 26,974.38.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; MTN Nigeria, Vitafoam, Red Star Express, Ecobank Transnational and University Press.

Analysts at Afrinvest Limited stated: “We anticipate a bearish outing tomorrow, despite opportunities for bargain hunting and dividend gain.”

Market breadth remained negative, with 11 gainers and 16 losers.

Honeywell Flour Mill recorded the highest price gain to lead the gainers’ pack in percentage terms with 9.38 per cent, to close at N1.05 per share.

FCMB Group followed with 6.29 per cent to close at N1.86, while EkoCorp rose by 5.77 per cent to close at  N5.50 per share.

United Bank for Africa improved by 4.38 per cent to close at N7.15, while Lasaco Assurance rose by 4.17 per cent to close at 25k per share.

Conversely, Red Star Express and Vitafoam Nigeria led the losers’ chart in percentage terms, losing by 9.98 per cent each, to close at N3.61 and N4.06 per share, respectively.

University Press followed with a decline of 9.60 per cent to close at N1.13 per share.

Consolidated Hallmark dipped 9.38 to close at 29k, while Jaiz Bank shed 8.62 per cent to close at 53k per share.

A breakdown of the activity chart showed  that investors bought and sold 228.38 million shares valued  N2.74 billion and exchanged in 3,831 deals.

This was in contrast with 241.71 million shares worth N3.55 billion traded in 4,456 deals.

UBA topped the activity chart with 81.12 million shares valued N548.899 million.

Zenith Bank sold 31.01 million shares worth N590.32 million, while Access Bank traded 22.34 million shares valued N201.05 million.

Transcorp traded 12.46 million shares valued N11.24 million, while United Capital transacted 11.45 million shares worth N37.92 million. (NAN)