Market Capitalisation Dips By N42bn After Six Days Gain
The six consecutive days of growth by the Nigerian Stock Market was on Wednesday halted as the value of equities dropped.
The market suffered a loss as the All Share Index (ASI) fell by 0.26 percent to close at 35,056.82 basic point compared to 35,147.62 basic point it recorded on Tuesday.
The depreciation of stocks also reflected in market capitalisation losing N42 billion or 0.26 percent to close at N18.322 trillion, as against the N18.364 trillion it posted on Tuesday.
The fall in the stocks of highly capitalized equities like Guaranty Trust Bank, Nigerian Breweries, CAP Plc and Flourmills impacted the downward slide of the market on Wednesday.
The market turnover increased, as investors traded 368.966 million shares worth N5.490 billion in 4,598 deals, as against 308.180 million shares worth N3.402 billion in 4,515 deals the previous day.
The market breadth was positive with 38 gainers compared to 23 losers.
The losers’ chart was dominated in percentage parameters by Nigerian Flourmills Plc, declining by 9.67 percent to close at N6.26 per share.
Nigerian Breweries dipped by 7.05 percent to close at N56 per share, while CAP Plc fell by 6.98 per cent to close at N20 per share.
Also, Guaranty Trust Bank declined by 2.57 percent to close at N34.1 per share, while Flourmills Plc depreciated by 2.17 percent to close at N27 per share.
Conversely, the gainers ‘chart in percentage parameters was led by AIICO Insurance, appreciating by 9.90 percent to close at N1.11 per share.
Cufix Plc rose by 7.14 percent to close at N1.78 per share, while UBA Group surged by 5.49 percent to close at N8.65 per share.
Also, Stanbic IBTC grew by 3.90 percent to close at N44 per share, while May Baker completed the top five gainers chart when its shares progressed by 2.94 percent to close at N3.5 per share.
Access Bank led the activity chart in volume terms trading in 46.338 million shares worth N403.134 million, while FBN Holdings sold 44.431 million worth of shares at N325.485 million.
Also, Zenith Bank followed when it traded 44.016 million shares worth N1.061 billion while Guaranty Trust Bank came next with a sale of 39.003 million worthN1.b329 billion. Also, Dangote Sugar Refinery sold 31.440 million shares worth N619. 079 million.
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