Market capitalisation drops by N28bn, cause by Zenith Bank, NGXGroup, others


By Philemon Adedeji

Activities in the domestic equities market yesterday remained weak with a dip of N28 billion, cause by losses in Zenith Bank Plc, NGXGROUP and 16 others.

In summary, the All Share Index (ASI) decreased by 51.79 absolute points, representing a decline of 0.10 per cent to close at 49,575.93 points. Similarly, the market capitalisation lost N28 billion, to close at N26.740 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, Nigerian Exchange Group (NGXGroup), Union Bank of Nigeria (UBN), Cutix and United Bank for Africa (UBA).

On market outlook, GTI Securities Limited said “we expect cautious trading to continue pending any significant changes in the economic conditions.”

As measured by market breadth, market sentiment was negative as 18 stocks lost relative to 14 gainers.

NGX ASI Midweek Most Gainer

Regency Alliance Insurance recorded the highest price gain of 8.00 per cent, to close at 27 kobo, per share. Associated Bus Company  followed with a gain 7.14 per cent to close at 30 kobo, while Japaul Gold & Ventures up by 3.70 per cent to close at 28 kobo, per share.

Livestock Feeds went up by 3.60 per cent to close at N1.15, while Honeywell Flour Mill appreciated by 3.00 per cent  to close at N2.40, per share.

NGX ASI Midweek Most Losers

On the other hand, FTN Cocoa processors led the losers’ chart by 9.38 per cent, to close at 29 kobo, per share. Chams followed with a decline of 9.09 per cent to close at 30 kobo, while Wapic Insurance went down by 5.26 to close at 36 kobo, per share.

Cutix lost 4.87 per cent to close at N2.15, while AIICO Insurance shed 3.51 per cent to close at 55 kobo, per share.

The total volume traded increased by 23.2 per cent to 197.456 million units, valued at N2.943 billion and exchanged in 3,462 deals. Transactions in the shares of Courteville Business Solutions topped the activity chart with 87.144 million shares valued at N40.991 million. Zenith Bank followed with 18.250 million shares worth N360.258million, while Guaranty Trust Holding Company traded 9.482 million shares valued at N187.388 million.

Cornerstone Insurance traded 9.355 million shares valued at N5.704 million, while Sterling Bank transacted 7.791 million shares worth N11.698 million.