News Column

NSE's Market Capitalisation Slides Further By N19 Billion

September 4, 2014

Helen Oji



EQUITY transactions at the Nigerian Stock Exchange continued on a downward note yesterday, following price losses by major bluechip companies, as market capitalisation dropped further by N19 billion.

Specifically, at the closed of transactions yesterday, market capitalisation of listed equities fell by N19 billion to N13.606 trillion from N13.625 trillion traded the previous day.

Also the Nigerian Stock Exchange All Share Index went up by 56.86 basis points from to 41264.65 recorded on Tuesday to 41207.79 points.

The bearish mood in the market today was driven by sustained selloff in the Banking and Consumer Goods basket -- Zenith (1.7per cent) FBN Holdings (2.5per cent), UBA (2.6per cent) and Cadbury (5.0per cent).

On the price movement chart, Nestle Nigeria Plc yesterday led losers table, dropping by N7.90 kobo to N1047.00per share.

Cadbury Nigeria Plc trailed with a loss of N2.98 kobo to close at N56.87 per share. Forte Oil, Lafarge Wapco and National Salt Company of Nigeria (NASCO) depreciated by N2.03 kobo, N0.55 kobo and N0.50 kobo respectively to close at N224.97 , N115.45 and N9.69 per share.

On the other hand, Guinness Nigeria Plc topped gainers chart dropping by N4.44 kobo to close at N184.94 kobo, while Nigerian Breweries grew by N1.11 kobo to close at N176.75 kobo.

Other stocks that recorded price appreciation were UAC of Nigeria Plc and Stanbic IBTC which gained N0.50 kobo and N0.49 kobo respectively to close at N59.00 and N30.50 per share.

Further analysis of yesterday's trading indicated that Financial Service Sector led the activities for the day, trading 122.460 million shares worth N958.333 million in 2779 deals. Banking sub-sector was most active in the sector with account of 87.716 million shares valued at N715.335 million in 2085 deals.

Sterling Bank was the toast of investors in the sub sector having accounted for 36.712 million shares worth N80.336 million in 762 deals, Access Bank came second in the sub sector with account of 11.979 million shares cost N111.199 million in 239 deals and GTBank exchanged 8.906 million shares worth N268.734 million in 252 deals.

Conglomerates sector enhanced by Transnational Corporation of Nigeria followed in activities, trading 40.851 million shares worth N330.139 million in 660 deals. International Breweries of the consumer sector sold 10.383 million shares worth N290.828 million in 29 deals.

In all investors bought 201.067 million shares valued at N2.443 billion in 5392 deals against 296.094 million shares cost N6.488 billion exchanged the previous day in 6,034 deals.

Market analysts anticipates imminent bargain hunting across the Banking, Industrial and Consumer Goods basket in the sessions ahead, whilst the broader market continues to trade sideways in the absence of any major driver.


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Source: AllAfrica


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