Market capitalisation falls by N8bn

The market capitalisation of listed equities on the Nigerian Stock Exchange depreciated by N8bn to close the first day of the weeks trading at N6.384tn on Monday. The market had opened with equities capitalisation of N6.392tn.The persistent lull in activities also continued in the market, with a marginal decline in the NSEs All Share Index at the close of the days business.The fall in the ASI on Monday was in contrast to the marginal appreciation recorded on the first trading day of last week.The ASI had moved up by 10.09 points last week Monday. However, the index dropped by 25.07 basis points or 0.12 per cent to close at 20,286.44 points on Monday (yesterday). Meanwhile, the recurrent fall in equities prices has triggered varied concerns among stakeholders in the stock market, a development that resulting from the negative impact it had been having on investors.The development has steered market analysts and stakeholders into strategising on how to save the market from utter collapse.The Association of Stockbroking Houses of Nigeria, the Association of Issuing Houses of Nigeria and the Chartered Institute of Stockbrokers have, in separate meetings, stated their resolve to work towards the revival of the market.While some analysts are optimistic that the market would bounce back, others have fear that the stock exchange may be in for another recession, stressing that market recovery is not in sight.Meanwhile, two of the five major market indicators recorded appreciation at the close of business, in contrast to three, which declined.The NSE Food/Beverage and NSE Oil/Gas indices moved up by 0.62 and 0.79 basis points, to close at 569.72 and 243.06 points, respectively.The NSE-30, NSE Banking and NSE Insurance indices dropped by 1.18, 1.8 and 1.35 basis points, to close at 905.27, 285.98 and 149.05 points, respectively.The banking sub-sector maintained its lead on the activity chart, in terms of volume traded. Investors in the banking sub-sector exchanged a total of 106.503 million shares valued at N967.248m in 1,664 transactions.Trading in the shares of Zenith Bank Plc, First Bank of Nigeria Plc and Guaranty Trust Bank Plc drove turnover in the banking sub-sector at the close of business. Trading in the shares of the banking sub-sector accounted for total turnover by 58.74 per cent.
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