Bears persist on NSE as market capitalisation loses N6bn

The losing streak of the Nigerian Stock Exchange (NSE) extended on Wednesday with the market capitalisation dropping further by N6 billion.

Speficially, the market capitalisation which opened at N18.310 trillion lost N6 billion to close at N18.304 trillion.

Also, the All-Share Index dipped 12.48 points or 0.04 per cent to close at 35,021.26 compared with 35,033.74 achieved on Tuesday.

The downtrend was also driven by price depreciation in medium and large capitalised stocks amongst which were; Ardova, Fidson Healthcare, Neimeth International Pharmaceuticals, Julius Berger and Champion Breweries.

Commenting on the market performance, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said the trend would continue due to cautious trading.

Omordion ssid that portfolio diversification and profit taking would persist ahead of the seasonal trends, just as the market awaited inflow of funds from alternative investment windows.

Market breadth remained negative with 21 losers and 13 gainers.

Royal Exchange led the losers’ chart in percentage terms, dropping by 8.70 per cent to close at 21k per share.

Ardova followed with 8.65 per cent to close at N13.20, while Mutual Benefits Assurance shed 8.33 per cent to close at 22k per share.

Champion Breweries dipped 8.16 per cent to close at 90k, while Fidson Healthcare lost 7.79 per cent to close at N4.50 per share.

Conversely, FTN Cocoa Processors dominated the gainers’ table in percentage terms, gaining 8.82 per cent to close at 37k per share.

Union Diagnostic and Clinical Services traiied with a eight per cent to close at 27k, while Chams rose by 4.76 per cent to close at 22k per share.

Unity Bank grew by 4.69 per cent to close at 67k, while Regency Alliance Insurance appreciated by 4.55 per cent to close at 23k per share.

Also, the total volume of shares transacted dropped by eight per cent to 283.09 million shares worth N3.42 billion exchanged in 3,855 deals.

This was in contrast with a total of 306.92 million shares valued at 3.27 billion exchanged in 4,500 deals on Tuesday.

Transactions in the shares of FBN Holdings topped the activity chart with 40.78 million shares valued at N285.72 million.

Guaranty Trust Bank came second with 32.66 million shares worth N1.08 billion, while AIICO Insurance traded 30.09 million shares valued at N33.13 million.

Zenith Bank accounted for 29.72 million shares worth N698.09 million, while Mutual Benefits Assurance sold 23.09 million shares valued at N5.08 million.