NGX: Market capitalisation drops N5bn

The stock market on the Nigerian Exchange Ltd. on Thursday recorded a bearish tilt as the overall capitalisation dropped by N5 billion.

The All Share Index (ASI) decreased by 8.83 points, representing a decline of 0.02 per cent to close at 51,944.58 from 51,953.41 on Wednesday.

Similarly, the market capitalisation lost N5 billion or 0.02 per cent to close at N28.295 trillion as against N28.3 trillion posted at the previous session.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; May & Baker Nigeria, Zenith Bank, Nigerian Exchange Group, Fidelity Bank and Africa Prudential.

Also, market breadth closed negative, with 18 gainers and 21 losers.

Transnational Corporation (Transcorp) recorded the highest price gain of 10 per cent to close at N1.54, per share.

Wapic Insurance followed with a gain 9.69 per cent to close at 42k, while Champion Breweries rose 7.64 per cent to close at N4.93, per share.

Mutual Benefits Assurance went up by 6.25 per cent to close at 34k, while Prestige Assurance appreciated by 5.26 per cent to close at 40k, per share.

On the other hand, May & Baker Nigeria led the losers’ chart by 10 per cent to close at N4.05, per share, per share.

Ikeja Hotel followed with a decline of 9.24 per cent to close at N1.08, while Multiverse Mining and Exploration lost 7.60 per cent to close at N2.31, per share.

Academy Press lost 6.67 per cent to close at N1.26, while NPF Microfinance Bank shed 6.32 per cent to close at N1.78, per share.

However, the total volume traded rose by 18.72 per cent to 302.920 million units, valued at N2.023 billion, and exchanged in 3,743 deals.

Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 107.213 million shares valued at N162.832 million.

Fidelity Bank followed with 39.31 million shares worth N206.01 million, while United Bank for Africa (UBA) traded 22.60 million shares valued at N190.36 million.

Zenith Bank traded 20.61 million shares valued at N521.29 million, while FCMB Group transacted 12.61 million shares worth N47.83 million.