NSE market capitalisation drops N123bn on Nestle loss

The nation’s bourse closed trading on Tuesday on a negative note, due to price depreciation posted by Nestle and other 25 stocks.

Consequently, the benchmark index declined by 233.81 or 0.59 per cent to 39,697.62 from 39,931.63 achieved on Monday.

Accordingly, the month-to-date and year-to-date losses increased to 0.30 per cent and 1.4 per cent, respectively.

Similarly, the overall market capitalisation which opened at N20.892 trillion dipped N123 billion to close at N20.769 trillion.

The market loss was driven by price depreciation in large and medium capitalised stocks amongst which were Nestle, Flour Mills, Ardova Plc, Lafarge Africa and Unilever.

Market sentiment was negative with 26 laggards against 18 gainers.

Mutual Benefits Assurance led the losers’ chart in percentage terms, losing by 10 per cent to close at 36k per share.

Ardova followed with 9.97 per cent to close at N16.25, while Champion Breweries shed by 9.69 per cent to close at N2.05 per share.

The Initiates lost 9.62 per cent to close at 47k, while Sterling Bank lost 8.75 per cent to close at N1.46 per share.

Conversely, Academy Press dominated the gainers’ chart in percentage terms, improving by 9.76 per cent to close at 45k per share.

PZ Cussons followed with 9.38 per cent to close at N5.25 per share.

Royal Exchange and Beta Glass Company rose by eight per cent each to close at 27k and N54 per share, respectively.

Regency Alliance Insurance chalked up 7.69 per cent to 28k per share.

Transactions in the shares of Zenith Bank topped the activity chart with 48.10 million shares valued at N1.24 billion.

United Capital followed with 20.24 million shares worth N121.97 million, while Mutual Benefits Assurance traded 19.44 million shares valued at N7.22 million.

Japaul Gold and Ventures sold 17.06 million shares valued at N10.48 million, while AXA Mansard Insurance transacted 8.97 million shares worth N9.38 million.

In all, the total volume of trades decreased by 59.1 per cent as investors bought and sold 222.57 million shares valued at N5.39 billion exchanged in 4,470 deals.

This was against a total of 543.99 million shares worth N1.89 billion achieved in 4,673 deals on Monday.