Equities market capitalisation dips by N8bn

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Story by Olabode Jegede

The Nigerian Stock Exchange (NSE) equities market segment declined by N8 billion amid profiting taking activities in high capitalised stocks.

The All Share Index (ASI) decreased by 15.91 basis points, or 0.06 per cent to close at 26,456.29 basis points from 26,472.20 basis points it closed on Wednesday.

Similarly, the market capitalisation lost N8 billion to close at N12.878 trillion from N12.886 trillion, a decline of 0.06 per cent.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Guaranty Trust Bank, Dangote Flour Mills, Zenith Bank, United Bank for Africa (UBA) and Lafarge Africa.

On market performance, analysts at Cordros Capital Limited said that “In our view, the trend witnessed through the year is likely to persist through the final quarter of the year, although we expect pockets of gains over the final months of the year as fund and portfolio managers realign portfolios prior to the start of 2020.

“Nonetheless, we note that valuations remain attractive driven by price deterioration throughout the year. Hence, we advise that long-term investors consider appropriately timed investments.”

However, market breadth closed positive, with 11 gainers versus eight losers. Wapic Insurance recorded the highest price gain of 9.38 per cent, to close at 35 kobo, per share. Chams followed with a gain 9.09 per cent to close at 24 kobo, while FCMB Groups appreciated  by 6.97 per cent to close at N1.70, per share.

Flour Mills of Nigeria went up by 2.37 per cent to close at N15.10, while Law Union & Rock Insurance appreciated by 2.08 per cent  to close at 49 kobo,  per share. On the other hand, Cornerstone Insurance led the losers’ chart by 8.11 per cent, to close at 34 kobo, per share. UBA followed with a decline of 2.52 per cent to close at N5.80, while Wema Bank went down by 1.69 to close at 58 kobo, per share.

Guaranty Trust Bank lost 1.30 per cent to close at N26.65, while Transnational Corporation of Nigeria Plc (Transcorp) shed 0.98 per cent to close at N1.01, per share.

The total volume traded rose 4.06 per cent to 144.087 million shares, worth N2.897 billion, and traded in 2,347 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 35.22 million shares valued at N946.74 million. FBN holdings  followed with 24.34 million shares worth N130.79 million, while Fidelity Bank traded 13.96 million shares valued at N23.69 million.

Zenith Bank traded 11.95 million shares valued at N213.03 million, while UBA transacted 9.999 million shares worth N58.17 million.

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