NSE market capitalisation drops by N116bn

Nigerian equity market for the fifth consecutive day extended down trend with the market capitalisation losing N116 billion due to price loses posted by major blue chips.

The market capitalisation on Friday shed N116 billion or 1.21 per cent to close at N9.499 trillion against N9.615 trillion recorded on Thursday.

In the same vein, the All-Share Index, which opened at 27,997.29, dipped 337.85 points or 1.21 per cent to close at 27,659.44 posted on Thursday.

An analysis of the price movement chart indicated that Dangote Cement topped the losers’ chart, dropping by N8 to N179.50 per share.

Ecobank Transnational Incorporation trailed with a loss of 53k to close at N11.80, while Stanbic IBTC shed 49k to close at N13 per share.

Custodian and Allied Insurance lost 38k to close at N3.61 and Cadbury Nigeria Plc dropped 20k to close at N15 per share.

Conversely, Nestle led the gainers’ table with a gain of N15.01 to close at N850.01 per share.

It was followed by Nigerian Breweries which garnered N1.01 to close at N138.01 and International Breweries rose by 93k to close at N19.58 per share.

Guinness Nigeria increased by 53k to close at N96.48 and UACN grew by 41k to close at N20.50 per share.

Zenith International drove the activity chart, accounting for 46.59 million shares worth N712.87 million.

Skye Bank came second with an exchange of 41 million shares valued at N35.71 million and United Capital transacted 26.32 million shares worth N61.49 million.

GT Bank sold 19.75 million shares valued at N415.02 million and United Bank for Africa achieved a turnover of 12.94 shares worth N56.15 million.

The volume of shares traded closed higher as investors staked N2.11 billion on 255.73 million shares transacted in 3,659 deals.

This was against the 227.13 million shares worth N1.80 billion exchanged in 3,426 deals on Thursday.

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