NSE: Market capitalisation loses N9bn on persistent profit taking

The market capitalisation of the Nigerian Stock Exchange (NSE) on Wednesday depreciated further by N9 billion, amid profit taking.

Specifically, the market capitalisation, which opened at N14.347 trillion lost N9 billion to close at N14.338 trillion.

Also, the All-Share Index dipped 24.48 points or 0.09 per cent to close at 27,523.08 compared with 27,547.56 recorded on Tuesday.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are: Forte Oil, Custodian Investment, Guaranty Trust Bank, NCR Nigeria and Dangote Sugar Refinery.

Analysts at Afrinvest Limited stated that “Despite opportunities for bargain hunting, we maintain our bearish outlook on the equities market in the near term.”

Market sentiment, as measured by market breadth, was negative with 17 losers relative to 13 gainers.

United Capital led the gainers’ chart in percentage terms with a gain of 9.90 per cent to close at N3.22 per share.

Africa Prudential trailed with 9.87 per cent to close at N5.12, while AIICO Insurance appreciated by 9.76 per cent to close at 90k per share.

C&I Leasing rose by 9.48 per cent to close at N6.35, while Unity Bank appreciated by 9.26 per cent to close at 59k per share.

Conversely, AXA Mansard Insurance topped the laggards’ chart in percentage terms, dropping by 10 per cent to close at N1.80 per share.

Forte Oil followed with 9.97 per cent to close at N16.70, while Custodian Investment depreciated by 9.92 per cent to close at N5.45 per share.

NCR lost 9.40 per cent to close at N2.70, while Law Union and Rock Insurance shed 9.09 per cent to close at 90k per share.

However, the total volume traded rose by 72.64 per cent as investors bought and sold 290.15 million shares worth N5.02 billion traded in 3,528 deals.

This was against a total of 168.07 million shares valued at N2.16 billion exchanged in 3,075 deals on Tuesday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 79.35 million shares valued at N2.26 billion.

Zenith Bank accounted for 40 million shares worth N780.85 million, while FBN Holdings traded 34.62 million shares valued at N199.53 million.

Japaul Oil and Maritime Services sold 16.31 million shares worth N3.26 million, while United Bank for Africa traded 15.74 million shares valued at N120.45 million.