Capitalisation plunges by N371b as the Nigerian stock market (NSE) reverses gains
The Nigerian Stock Exchange (NSE) has reversed previous gains to close on a bearish note yesterday as most blue-chip stocks depreciated, causing market capitaliisation to plunge by N371 billion.At the close of transactions yesterday, the All-Share Index (ASI) fell by 709.72 points or 1.8 per cent to 38,686.85 points.
The downturn was impacted by losses recorded in medium and large capitalised stocks, including Lafarge Africa, United Bank for Africa, Greif Nigeria, Northern Nigeria Flour Mills (NNFM) and Zenith Bank.
Analysts at Afrinvest Limited said: “We expect continued sell pressures in the next trading session given that investor sentiment remains weak.”
Neimeth International Pharmaceuticals followed with a gain 9.71 per cent to close at N1.92 kobo while Mutual Benefits Assurance gained 8.11 per cent to close at 40 kobo.
Dangote Sugar Refinery went up by 7.99 per cent to close at N18.25, while Associated Bus Company appreciated by 7.14 per cent to close at 30 kobo.
Caverton Offshore Support Group followed with a decline of 9.55 per cent to close at N1.8 while NNFM 9.52 per cent to close at N5.70 kobo.
Greif Nigeria lost 9.46 per cent to close at N6.7 while AXA Mansard Insurance shed 9.09 per cent to close at 90 kobo.
Transactions in the shares of United Bank for Africa topped the activity chart with 123.272 million shares valued at N887.626 million.
Notore Chemical Industries followed with 74.074 million shares worth N3.674 billion, while Mutual Benefits Assurance traded 58.036 million shares valued at N23.185 million.
FBN Holdings traded 48.939 million shares valued at N352.081 million while Access Bank transacted 42.744 million shares worth N324.215 million.