• Sunday, July 14, 2024
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Market Watch: capitalisation dips by N92bn, amid panic selling



Trading activities on the Nigerian Stock Exchange (NSE) for the fifth consecutive day remained on the downward trend, with the market capitalisation losing N92 billion, amidst panic sell-off by investors.

The market capitalisation, which opened at N10.071 trillion on Friday, lost N92 billion or 0.91 per cent to close at N9.979 trillion.

Also, the All-Share Index lost 277.52 points or 0.91 per cent to close lower at 30,143.02 points compared with 30,420.54 points achieved on Thursday.

Some analysts attributed the persistent negative trend at the exchange to the exit of foreign investors and the crash of crude oil price at the international market.

They also identified the dismal equities price rallies at the nation’s bourse to political uncertainties following the forthcoming 2015 general elections.

An analysis of the price movement showed that Nestle recorded the highest price loss, dipping by N43.53 to close at N855 per share.

Dangote Cement trailed with a loss of N8.35 to close at N158.65, while Total Oil dropped N7.38 to close at N144.75 per share.

Mobil Oil lost N2.94 to close at N157.06, while Julius Berger depreciated by N2.73 to close at N52.02 per share.

On the other hand, Nigerian Breweries topped the gainers’ chart, with N6.30 to close at N147 per share.

7UP garnered N2.57 to close at N160, while Guinness grew by N1.69 to close at N130.21 per share.

Zenith Bank increased by N1.43 to close at N16.43, while Nascon gained 45k to close at N6.40 per share.

In all, investors staked N2.73 billion on 451.969 million shares transacted in 4,545 deals compared with 454.017 million shares worth N4.42 billion traded in 4,860 deals on Thursday.

The Financial Service Sector sustained its leading position as the toast of investors with 410.87 million shares worth N1.85 billion in 2,697 deals.

The Banking sub-sector drove activities in the sector accounting for 136.02 million shares valued N1.07 billion achieved in 1,691 deals.