Nigerian Stock Exchange market capitalisation drops further by N85billion

The market capitalisation of the Nigerian Stock Exchange (NSE) on Thursday dropped by N85 billion in a bearish trading.

The market capitalisation which opened at N11.508 trillion lost N85 billion to close at N11.423 trillion, due to huge loses by blue chip companies.

Also, the All-Share Index lost 402.31 points or 1.19 per cent to close at 33,466.41, against the 33,868.72 posted at the close of business on Wednesday.

Nestle topped the losers’ table, dropping N10 to close at N870 per share.

Seplat Petroleum trailed with N7 to close at N338, while Dangote Cement lost N3 to close at N177 per share.

Stanbic IBTC and PZ Industries dipped N1 each to close at N29 and N29 per share, respectively.

Conversely, Mobil Oil led the gainers’ chart, increasing by N6.30 to close at N156.30 per share.

Julius Berger came second with N2.50 to close at N52.50, while Betaglass gained N2.09 to close at N44.05 per share.

Flour Mills Nigeria garnered N1.68 to close at N35.69, while Presco appreciated by N1.50 to close at N33.50 per share.

The Financial Services Sector remained the toast of investors’ with FBN Holdings emerging the most traded in volume terms, exchanging 25.89 million shares worth N233.656 million.

It was followed by Zenith Bank with a total of 20.28 million shares valued N394.82 million, while UBA traded 16.49 million shares worth N83.67 million.

GT Bank exchanged 13.85 million shares valued N371.29 million, while Beco Petroleum sold 11.53 million shares worth N5.77 million.

Over all, investors bought and sold 205.76 million shares worth N2.16 billion, transacted in 4,160 deals.

NAN reports that this was against the 252.33 million shares valued at N3.36 billion traded in 4,053 deals on Wednesday.

Credit: PM News