NSE's market capitalisation drops further by N20b

PERSISTENT price losses in shares of major highly capitalised companies on the Nigerian Stock Exchange, yesterday, pulled market capitalisation further by N20 billion.Volume of shares traded however increased marginally, as investors exchanged 458.8 million shares worth N1.8 billion in 3,420 deals, higher than 237 million un its valued at N2.4 billion exchanged in 3,082 deals on Wednesday.Specifically, at closed of transactions yesterday, the twin market indicators: the All-Share Index and market capitalisation witnessed price depreciation, as the market capitalisation dropped by N20 billion or 0.3 per cent from N6,401 trillion to N6,381 trillion, while the All-Share Index dipped by 62.1 basis points from 20,197.15 to 20,135.05.On the activity chart, the insurance sub-sector displaced the banking sub-sector as investors exchanged 294 million shares worth N626 million in 148 deals, followed by the banking sub-sector with 67 million shares worth N510 million in 1,879 deals. The mortgage companies' sub-sector trailed with 56 million units worth N28 million in five deals.The insurance subsector was driven by activities in the shares of Custodian&Allied insurance, which traded 290 million shares worth N624 milliom followed by LawUnion&Rock with two million units worth N1 million.Longman topped the day's losers' chart with 4.95 per cent to close at N4.42 per share, while May&Baker followed with 4.91 per cent to close at N2.71 per share.Cement Company of Northern Nigeria lost 4.83 per cent to close at N5.32 per share, while Diamond Bank and United Bank for Africa dropped 4.73 and 4.65 per cent to close at N3.22 and N3.28per share.Ikeja Hotel, Multitrex, TransNational corporation shed 4.63,4.55 and 4.00 per cent to close at N2.06, N1.47 and N0.72 per share.Red Star Express shed 3.93 per cent to close at N2.20 per share, while Goldlink Insurance dropped 3.51 per cent to close at N0.55 per share.On the other hand, Oando led others on the gainers' chart with 4.98 per cent to close at N28.66 per share. Dangote Sugar followed with 4.85 per cent to close at N6.49 per share.Fidson added 4.81 per cent to close at N1.09 per share, while Wema Bank and Custodian&Allied Insurance garnered 4.69 and 4.46 per cent to close at N0.67 and N2.34 per share.Sterling Bank added 4.32 per cent to close at N1.45 per share, while Unilever gained 3.85 per cent to close at N27.00 per share.Continental Reinsurance and PZ Cussons gained 3.81 per cent and 3.09 per cent to close at N1.09 and N32.05 per share, while Eternaoil added 2.00 per cent to close at N4.59 per share.
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