NSE Market Capitalisation Drops By N84bn


The market capitalisation of the Nigerian Stock Exchange (NSE) on Tuesday dipped further by N84 billion, amid sell pressure embarked on by some investors.

The News Agency of Nigeria (NAN) reports that the market capitalisation, which opened at N9.868 trillion, lost N84 billion or 0.85 per cent to close at N9.784 trillion following huge loses by some blue chip equities.

Also, the All-Share Index shed 245.34 points or 0.85 per cent to close at 28,488.56 compared with 28,733.90 achieved on Monday.

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Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the market trend to falling macroeconomic indices and government unclear policy direction.

Omordion said that economic data were confirming recession state of the nation thereby creating market uncertainties.

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NAN reports that Lafarge Africa topped the losers’ chart, shedding N3.16 to close at N60.06 per share.

Guaranty Trust Bank trailed with a loss of 89k to close at N21.70 and Flour Mills shed 80k to close at N21.50 per share.

Oando decreased by 64k to close at N5.96, while Stanbic IBTC declined by 58k to close at N14.92 per share.

On the other hand, Nigerian Breweries led the gainers’ table, growing by N1.96 to close at N135.04 per share.

UACN Plc followed with a gain of 40k to close at N20.50 and Cadbury appreciated by 10k to close at N16.10 per share.

Skye Bank increased by 6k to close at 72k, while Ikeja Hotel gained 3k to close at N1.89 per share.

Skye Bank remained the toast of investors, accounting for 57.71 million shares worth N41.35 million.

It was trailed by Linkage Assurance with a turnover of 33.59 million shares valued at N16.79 million, while FBN Holdings sold 23.72 million shares worth N85.47 million.

United Bank for Africa transacted 18.12 million shares valued at N81.50 million and United Capital traded 14.34 million shares worth N36.14 million.

In all, investors staked N1.56 billion on 242 million shares achieved in 3,684 deals.

NAN reports that this was against 315.58 million shares valued at N1.72 billion exchanged in 3,976 deals on Monday.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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