Nestle, Dangote Cement drags market capitalisation by N125bn

Nestle, Dangote Cement drags market capitalisation by N125bn
United Bank for Africa

Activities on the Nigerian Stock Exchange (NSE) resumed on Monday still on negative trend with the market capitalisation losing N125 billion due to loses by some blue chips.

Our correspondent reports that the market capitalisation shed N125 billion or 0.84 per cent to close at N14.734 trillion against N14.859 trillion on Friday.

Similarly, the All-Share Index which opened at 41,022.31 lost 344.70 points or 0.84 per cent to close at 40,677.61 achieved on Friday.

Our correspondent reports that Nestle topped the losers’ chart, declining by N50 to close at N1,530 per share.

Okomuoil Palm trailed with a loss of N4.50 to close at N85.50, while Nigerian Breweries dropped by N2.50 to close at N122 per share.

Dangote Cement was down by N1.50 to close at N243.50, while Oando depreciated by 40k to close at N7.75 per share.

Market analysts had predicted that market performance this week would be determined by expected 2018 budget passage.

They said that the market would experience mixed performance, noting that anticipated budget passage would account for some positive movements in the market.

Conversely, Caverton led the gainers’ table with a gain of 13k to close at N2.74 per share.

Fidson Healthcare followed with a gain of 11k to close at N5.49, while Cutix added 10k to close at N3.15 per share.

FCMB Group increased by 9k to close at N2.63, while Eterna Oil grew by 7k to close at N7 per share.

However, the volume of shares traded increased marginally with an exchange of 218.77 million shares valued at N2.23 billion achieved on 4,109 deals.

This was in contrast with a turnover of 214.58 million shares worth N4. 23 billion transacted in 3,675 deals on Friday.

United Bank for Africa topped the activity chart, trading 60.444 million shares valued at N706.64 million.

FCMB Group followed with an account of 17.51 million shares worth N45.73 million, while Sovereign Trust Insurance exchanged 12.44 million shares valued at N2.49 million.

FBN Holdings traded 11.91 million shares worth N143.10 million, while Fidelity Bank sold 10.54 million shares valued at N25.31 million.