Shares Tumble As Market Capitalisation Dips By N91bn
The gain recorded on Wednesday on the floor of the Nigerian Stock Exchange, (NSE) was halted 24 hours later as shares fell on Thursday.
The All shares Index (ASI) dropped from 34,818.01 basic point on Wednesday to 34,643.65 basic point, shedding 0.50% on Thursday.
Also, the market capitalisation dipped by by N91 billion or 050% to close at N18.102 trillion on Thursday, as against N18.193 trillion the market recorded the previous day.
The loss of equity was impacted by the drop in the value and volume of major brands like Presco Plc, Guaranty Trust Bank, Dangote Sugar, Zenith Bank and Stanbic IBTC Bank.
The market turnover also declined with 364.920 volume of shares worth N3.501 billion in 6,340 deals compared to 661.132 million of shares worth N8.298 billion in 7,324 deals on Wednesday.
The losers’ table was led by Presco Plc, as its shares declined by 9.97% to close at N71.8 per share.
Also, Stanbic IBTC and Dangote Sugar both declined by 4% to close at N43 and N21. 2 per share, respectively.
The loss continued with Guaranty Trust Bank recording a dip of 3.24% to close at N35.8 per share, while Zenith Bank share fell by 2.43% to close at N26.05 per share.
On the flip side, Eternal Plc, PZ Nigeria and BOC Gas appreciated by 9% to close at N4.78, N5.3 and N6.77 per share, respectively.
Also, Nigerian Breweries surged by 4.31% to close at N60.5 per share, while Lafarge Africa Plc moved up by 4.15% to close at N25.1 per share.
On the implication for the economy and shareholders, a market analyst at the Solid Rock Securities and Chairman, ASHON, Chief Patrick Ezeagu opined that the market is regularizing and correcting itself as a result of the circuit breaker adopted by the Nigerian Stock Exchange, adding that there was no course for worry.
Transcorp led the activity chart of the market with 50.734 million shares worth N53.920 million, while FBN Holding closed 38.551 million shares at N292. 389 million.
Also, Access Bank sold 25.895 million shares worth N227.162 million, closely followed by UBA with 24.780 million shares, worth N214.219 million.
Fidelity Bank completed the top 5 activity trading, when it traded 24.359 million shares, worth N67.037 million.
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