Market Capitalisation drops by N519bn

By Philemon Adedeji

Equities market on Nigerian Exchange Limited (NGX) which opened the week on Monday on positive note still continued to decline yesterday, this caused by depreciation in small, medium and capitalised stocks, as market.

Capitalisation declined by N519 billion.

The Nigerian Exchange Limited (NGX), All shares index depreciated by 961.87 basis points to close trade at 51,949.64 index points from 52,911.51 index points it closed trade on Monday.

At the close of trade yesterday, the volume of shares traded declined for the second day of the week by 173 per cent as investors bought and sold 720,192,027 million units.

On the gainers chart, JAPAULGOLD was recorded as the highest price gainer yesterday which gained 10 per cent or 0.03 kobo increased to close trade at N0.33 per share, IMG followed by 0.90 kobo representing 9.89 per cent to close trade at N10 per share.

MRS oil moved up by 1.45 kobo or 9.70 per cent to close trade at N16.40 per share, as Abbeybds rose by 0.15 kobo to represent 9.09 per cent to close trade at N1.80 per share and Academy press which recorded as the last fifth gainer grew by 0.11 kobo or 8.15 kobo increased to close trade at N1.46 per share.

The market sentiments as measured by market breadth be in favour of decliners, as 17 stocks led the advancers while 39 stocks led the decliners Since this year began stock market has advanced 4,991 base.

On the decliners table, Guinness plc  was recorded as the overall loser in yesterday trading which down by 10 per cent or 9.80 kobo to close trade at N88.20 per share, GSPEC plc dipped by 0.30 kobo representing 9.77 per cent to close trade at N2.77 per share.

Mansard dropped by 0.22 kobo  or 9.73 per cent to close trade at N2.04 per share while Veritaskap and Chams depreciated by 0.02 kobo or 8.70 per cent to close trade at N0.21 per share respectively.

Transaction in the share of Ecobank Transnational incorporated (ETI) topped the volume chart yesterday which traded 257.627 million shares worth N2.963 million, Jaizbank Followed yesterday with total trade of 77.998 million shares valued by N69.741 million.

Accesscorp transacted 60.518 million share worth N605.027 million share, while UACN traded 52.166 million share valued by N673.072 million and Transcorp traded 31.421 million shares valued at N39.685 million.

At the close of marketing activities yesterday, Ecobank Transnational Incorporated topped both volume and trade.