NSE market capitalization drops by N28bn

Equity transactions on the Nigerian Stock Exchange (NSE) resumed for the week on Monday on a bearish trend as the market capitalisation depreciated by N28 billion or 0.30 per cent. The situation followed price losses recorded by some major stocks. Market capitalisation closed lower at N9.399 trillion down from the N9.427 trillion recorded on Friday.

Also, the All-Share Index, which opened at 27,450.91, dropped by 82.5 points to close at 27,368.41. The Nigerian Breweries led the losers’ chart with N1.7 to close at N138.27 per share, while the GT Bank followed, depreciating by 34k to close at N25.95.

Also the NAHCO lost 17k to close at N3.23 and NASCCON and Afriprud dipped by 1k each to close at N7.9 and N2.65 per share respectively.

On the other hand, 7UP led the gainers’ chart with N3.98 to close at N116.98 per share, while Champion gained 9k to close at N2.7. Also the NPFMCRFBK, Dangote Flour and Honey Flour grew by 4k each to close at N99k, N3.9 and N1.4 per share respectively.

The Financial Service Sector remained the delight of investors as FBN Holdings emerged as the most traded stock, accounting for 11.66 million shares worth N34.95 million.

The FCMB followed with an exchange of 8.83 million shares valued at N9.31 million, while Zenith Bank sold 7.84 million shares worth N119.96 million. Diamond Bank traded 7.62 million shares valued at N8.19 million, while UBA transacted 7.19 million shares worth N31.97 million. In all, the volume of shares traded declined by 70.01 per cent as investors exchanged 83.83 million shares worth N711.12 million in 2,279 deals. This was against the 279.56 million shares valued at N3.70 billion traded in 3,255 deals on Friday.