Market capitalisation diminishes further to N551bn on Monday


By Philemon Adedeji

The Nigerian stock market closed negatively all through last week, still reflecting on negative as the week opened yesterday,

This is caused by negative performance of some stocks due to market depreciation in large and medium capitalised stocks such as, Dangote cement, Flour mill, Livestocks and 29 others, meanwhile market capitalisation lost N551 billion or 1.97 per cent to close trade at N27.363 trillion from N27.914 trillion it derived at the close of trade on Friday

Conversely, the Nigerian Exchange Limited (ASI), All-Share index diminished by 1,021.34 basis points or 1.97 per cent to close trade at 50,756.74 points against 51,778.08  points derived on Friday the last trading day

However, investors sentiments as measured by market breadth close negative as Jaiz Bank led 7 advancers as against Dangote cement that led 31 decliners.

Since this year began stock market has advanced 4,642.12 base points

In all, a total trade volume of 345,004,508 million units valued at N3.073 billion exchanged in 5,075 deals.

According to the result presented on the advancers table, Jaiz Bank recorded as the highest price gainer which appreciated by 5.32 per cent to close trade at N0.99 per share, Followed by Regalins which gained 3.70 per cent increased to close trade at N0.28 per share.

Japaulgold rose by 3.33 per cent to close at N0.31 per share while Zenith bank grew by 2.80 per cent to close trade at N22.00 per share and Nigeria aviation handling company which emerged as the last fifth gainer went up by 2.63 per cent to close at N7.80 per share

On the other hand, Dangote cement and UBN   dipped by 10 per cent each to close trade at N249.30 and N5.40 per share respectively.

Livestock which recorded as the third best loser down by 9.77 per cent or 0.13 kobo to close trade at N1.20 per share, while International Breweries declined by 9.60 per cent or 0.60 kobo to close trade at N5.65 per share and Flour Mills depreciated by 8.57 per cent to close trade at N32.00 per share

On the volume chart, Transaction in the shares of First City Monument Bank topped the volume chart with 177.592 million shares worth 668.969 million, followed by United Bank of Africa sold 29.489 million shares valued at 221.186 million.

Accesscorp accounted 21.965 million share worth 206.364 million while First bank holding of Nigeria traded 12.574 million shares valued at 113.965 million and Transcorp sold 11.565 million shares worth 14.334 million

At the close of trade yesterday, First City Monument Bank topped both volume and value.