NSE Market Capitalisation Sheds N76b as Sell‐offs Persist

By Modupe Gbadeyanka

Continuous sell‐offs in the banking and oil and gas sectors dipped the Nigerian Stock Exchange (NSE) on Tuesday by 0.51 percent, shrinking the Year-to-Date (YtD) returns to 7.84 percent.

A look at the sector performance at the close of business yesterday showed that only the Industrial Goods sector, as measured by NSE indices, closed in the green territory, appreciating by 0.86 percent.

Every other sector finished negative with the NSEBNK10 going down by 0.96 percent, NSEFBT10 by 0.40 percent, and NSEOILG5 by 2.68 percent.

The All-Share Index (ASI) declined on Wednesday by 211.06 points to settle at 41,243.24 points, while the market capitalisation reduced by N76.3 billion to finish at N14.899 trillion.

Business Post reports that the market breadth ended negative yesterday with a total of 23 stocks appreciating in value against 32 equities recording various degree of losses at the market.

Seplat recorded the highest price depreciation after losing N35 of its share value to settle at N665.10k per share.

Mobil Nigeria followed with a price depreciation of N7.50k to close at N177 per share, and Total Nigeria, which lost N3.70k to finish at N240 per share.

International Breweries declined by N2.85k to end at N54.15k per share, while Guinness Nigeria went down by N2 to settle at N103 per share.

On the flip side, Nestle Nigeria emerged the biggest price gainer, appreciating by N19 to close at N1339 per share.

It was followed by GlaxoSmithKline, which rose by N2.85k to close at N30.90k per share, and Forte Oil, which increased by N1.90k to finish at N41.90k per share.

MRS Oil Nigeria grew by N1.35k to end at N28.35k per share, while CCNN appreciated by 90k to settle at N19.65k per share.

It was observed that the volume of shares transacted by investors went down by 7.12 percent, while the value of equities decreased by 19.28 percent.

A total of 352.9 million shares worth N4.1 billion were exchanged on Tuesday in 4,807 deals against the 379.9 million units transacted on Monday in 4,913 deals valued at N5.1 billion.

The Financial Services sector led the activity chart with 203.2 million shares exchanged for N2.9 billion, while the oil and gas industry followed with 95.2 million equities transacted for N441 million.

Individually, Japaul Oil led the activity chart, selling the highest volume with 80.3 million units sold for N58.1 million.

It was followed by Zenith Bank, which traded 59.9 million shares worth N1.8 billion, and FBN Holdings, which exchanged 24.3 million equities for N301.2 million.

Transcorp sold 22.2 million shares worth N42.4 million, while Access Bank traded 16.7 million for N189.7 million.