Negative outlook persists on NSE, market capitalisation down N28bn

The nation’s bourse reopened trading on Monday still on a negative outlook with the market capitalisation dropping by N28 billion.

It was reported that the market capitalisation closed lower at N12.847 trillion against N12.875 trillion posted on Friday.

Also, the All Share Index decreased by 58.54 points or 0.22 per cent to close at 26,390.08 against 26,448.62 achieved on Friday.

It was reported that the downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are Dangote Cement, Zenith Bank, NEM Insurance, Access Bank and United Bank for Africa (UBA).

Analysts at Afrinvest Limited stated: “This week, we maintain a bearish outlook on the equities market. Nonetheless, positive third quarter earnings release could stir investors’ appetite.”

NEM Insurance led the laggards’ table in percentage terms, dropping by 9.57 per cent to close at 22k.

It was trailed by Wapic Insurance with a loss of 8.57 per cent to close at 32k, while Neimeth dipped 7.50 per cent to close at 37k per share.

Omoluabi Mortgage Bank lost 5.17 per cent to close at 55k, while United Capital was down by 1.96 per cent to close at N2 per share.

Conversely, May and Baker Nigeria led the gainers’ table having appreciated by 9.50 per cent to close at N2.19 per share.

Cornerstone Insurance followed with a gain of 9.38 per cent to close at 35k per share.

Trans Nationwide Express and Union Diagnostic & Clinical Services rose by 9.09 per cent each to close at 84k and 24k per share, respectively.

Law Union and Rock Insurance improved by 8.51 per cent to close at 51k per share.

Omoluabi Mortgage Bank topped the activity chart, accounting for 110 million shares valued at N60.5 million.

Fidelity Bank came second with 25.43 million shares worth N43.18 million, while Trancorp sold 14.39 million shares valued at N14.67 million.

FBN Holdings accounted for 14.35 million shares worth N75.33 million, while Guaranty Trust Bank traded 13.59 million shares valued at N357.8 million.

In all, investors bought and sold 245.85 million shares worth N1.36 billion exchanged in 2,514 deals.

This was in contrast with a turnover of 310.56 million shares valued at N4.99 billion transacted in 2,825 deals on Friday.