NSE: market capitalisation drops by N53bn on profit-taking

Activities on the Nigerian Stock Exchange (NSE) ended on a downward trend on Friday with the market indices dropping by 0.62 per cent. The market capitalisation lost N53 billion or 0.62 per cent to close at N8.51 trillion due to price loses. This was against the N8.57 trillion recorded on Thursday. Also, the All-Share Index depreciated by 165.84 points or 0.62 per cent to close at 26,718.30 against the 26,883.76 posted on Thursday.
Market analysts attributed the development to profit-taking by some investors. The market had remained on an upward trend since Monday. Nigerian Breweries recorded the highest price loss, dropping N2.70 to close at N135.30 per share. It was trailed by Flour Mills which lost N1.98 to close at N63.02 per share. NCR lost 68k to close at N13.09 per share, GTBank depreciated by 60k to close at N20.10 while Glaxo decreased by 50k to close at N43 per share. Conversely, NewGold led the price gainers’ chart with N30 to close at N2, 652 per unit.
Lafarge Wapco followed with a gain of 90k to close at N57.51, while Berger Paints gained 40k to close at N8.40 per share. Unilever rose by 10k to close at N41.60 per share, while Livestock appreciated by 6k to close at N1.55 per share. The volume of shares traded dropped by 8.58 per cent as a total of 255.33 million shares worth N1.91 billion were traded in 4,076 deals. This was against 279.29 million shares valued at N2.98 billion traded in 4,478 deals on Thursday.