Market capitalisation fell by N36bn in four days

Equities listed on the Nigerian Stock Exchange closed the week on a negative note, with the market capitalisation dropping by N36bn in four days.The market capitalisation declined from N6.428tn recorded at the close of activities on Monday to N6.392tn at the end of business on Friday.At the end of activities on Friday, the NSE All Share Index shed 47.72 basis points or 0.23 per cent, declining from 20,359.23 recorded on Thursday to close at 20,311.51 points.The market capitalisation of listed equities also declined by N15bn, down from N6.407tn recorded on Thursday to close at N6.392tn.Of the five major market indicators, only one appreciated at the close of business on Friday, while the other four depreciated in points.The NSE Food/Beverage index moved up 4.95 basis points to close at 569.10 points, while the NSE-30 and NSE Banking indices lost 2.01 and 0.81 basis points to close at 906.45 and 287.78 points respectively.The NSE Insurance and NSE Oil/Gas indices depreciated by 1.42 and 1.59 points to close at 150.40 and 242.27 basis points respectively.Stock market analysts described Fridays loss as "disturbing," stressing that an intervention in form of new listing by companies on the Exchange was very important and cogent for the survival of the market.They noted that trading momentum on the Nigerian bourse kicked off on Monday on a positive note gaining five basis points. Though marginal, the analysts noted that the gain halted a three day run of consecutive losses from the previous week.They noted that the persistent crash in stocks might further erode the confidence of true investors in the capital market.The banking sub-sector maintained its lead on the activity chart in terms of volume traded. Investors in the banking sub-sector exchanged 84.785 million shares valued at N690.402m in 1,589 transactions.Activities in the shares of Zenith Bank Plc, United Bank for Africa Plc, Guaranty Trust Bank Plc and First Bank of Nigeria Plc drove turnover in the sub-sector.The insurance sub-sector followed next on the chart, as activities on the shares of Mutual Benefits Assurance Plc, Guaranty Trust Assurance Plc, NEM Insurance Company Nigeria Plc and Aiico Insurance Plc boosted turnover in the sub-sector on Friday.A total of 14 stocks appreciated in price, in contrast to 19 that recorded losses.Dangote Flour Mills Plc led the price gainers list, rising by 4.99 per cent or 0.28 to close at N5.89 per share.
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