NSE market capitalisation losses N108bn to profit taking

The market capitalisation of the Nigerian Stock Exchange (NSE) dropped by N108 billion on Wednesday due to huge price losses by some blue chips. The market capitalisation closed at N8.56 trillion from the N8.67 trillion posted on Tuesday. Also, the All-Share Index dropped by 1.25 per cent or 341.2 points to close at 26,876.07 against the 27,217.27 recorded on Tuesday.
Analysts attributed the recent persist drop in market indices to profit taking by short-term investors. NewGold ETF, for the second consecutive day, led the losers’ chart with a loss of N10 to close at N2, 616 per unit, while Guinness lost N7.01 to close at N263 per share. Nigerian Breweries lost N3 to close at N135 per share, PZ Cussons shed N2.93 to close at N26.57 per share, while First Bank lost 79k to close at N16.21 per share. On the other hand, CAP topped the gainers’ chart with a gain of N1.57 to close at N33.09 per share and was trailed by Presco which gained 90k to close at N14.90 per share. In all, investors traded 267.38 million shares worth N3.11 billion in 4,236 deals against the 247.92 million shares valued at N2.70 billion exchanged in 5,264 deals on Tuesday.