NSE: Bears still on rampage, market capitalisation down by N16bn

Bears continued to dominate trading on the nation’s bourse on Thursday with the market capitalisation shedding N16 billion.

Specifically, the market capitalisation, which opened at N12.861 trillion, lost N16 billion or 0.12 per cent to close at N12.845 trillion.

In the same vein, the All-Share Index dipped 29.81 points or 0.12 per cent to close at 24,625.24, against 24,655.05 achieved on Wednesday.

The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are: MTN Nigeria Communications, Zenith Bank, Linkage Assurance, FBN Holdings and Japaul Oil.

Analysts at Afrinvest Limited said that “Following four consecutive days of sustained profit taking by investors this week, we expect the equities market to close in the red.

“However, opportunities for bargain hunting exists in the last trading session for the week,” they said.

Linkage Assurance led the losers’ chart in percentage terms, losing by 9.43 per cent, to close at 48k, per share.

Japaul Oil trailed with a loss of 7.69 per cent to close at 24k, while Livestock Feeds lost 2.86 per cent to close at 68k, per share.

Zenith Bank dropped 1.52 per cent to close at N16.15, while Transcorp shed 1.43 per cent each to close at 69k, per share.

Conversely, Neimeth dominated the gainers’ chart in percentage terms, growing by 9.65 per cent, to close at N1.25, per share.

Wema Bank followed with 9.09 per cent to close at 60k, while Chams rose by 4.35 per cent to close at 24k, per share.

May and Baker rose by 3.09 per cent to close at N3, while Ecobank Transnational appreciated by 2.13 per cent to close at N4.80, per share.

Also, the volume of shares transacted dipped 31.16 per cent, as investors bought and sold 130.28 million shares, valued at N1.63 billion in 3,413 deals.

This was in contrast with a total of 189.25 million shares worth N1.92 billion achieved in 3,364 deals on Wednesday.

Transactions in the shares of Zenith Bank topped the activity chart with 18.95 million shares valued at N308.38 million.

Transcorp sold 16.06 million shares worth N11.27 million, while FBN Holdings traded 9.93 million shares valued at N52.51 million.

Mutual Benefits accounted for 6.94 million shares worth N1.51 million, while Guinness transacted 6.427 million shares valued at N96.65 million. (NAN)