NSE suffers price losses, market capitalisation sheds N352bn

Price Losses by major blue chip companies  forced the market indicators of the Nigerian Stock Exchange (NSE) to depreciate after seven days of sustained growth. The market capitalisation lost N352 billion or 2.74 per cent to close at N12.50 trillion as a result of profit taking by investors. Also, the All-Share Index, which opened at 40,012.66, dropped by 1,097.33 points or 2.74 per cent to close at 38,915.33.

Nestle recorded the highest price loss of N70 to close at N1, 000 per share. It was trailed by Guinness with a loss of N13 to close at N280, while Dangote Cement dipped by N11.01 to close at N199 per share. Nigerian Breweries lost N4 to close at N170, while Presco depreciated N3.40 to close at N34 per share. Conversely, Flour Mills led the gainers’ table, appreciating by N4.57 to close at N109.24 per share.

Cement Company of Northern Nigeria came second with a gain of N1.14 to close at N12.80, while International Breweries inched N1.09 to close at N26.99 per share. Berger Paint increased by N1.03 to close at N11.38, while  Dangote Flour gained 96k to close at N10.68 per share. IHS, for the second consecutive day, remained the toast of investors with a total of 77.10 million shares worth N154.18 million. FBN Holdings followed as investors staked N1.08 billion on 59.38 million shares.

UBA accounted for 58.29 million shares valued at N590.43 million, while Transcorp sold 54.44 million shares worth N68.27 million. Investors exchanged 803.39 million shares valued at N8.53 billion in 9,220 deals. This was against the 988.04 million shares worth N5.70 billion achieved in 7,844 deals on Tuesday, a decrease of 18.69 per cent.