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CAPITAL MARKET: Market capitalisation dips as sell-offs resume

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CAPITAL MARKET: Market capitalisation dips as sell-offs resume

The gains recorded on Tuesday and Wednesday at the Nigerian Stock Exchange (NSE) were reversed on Thursday as sell-offs resumed.

The market capitalisation of equities listed on the NSE depreciated by N121bn on Thursday to close at N11.251tn from the N11.372tn recorded on Wednesday.

The All Share Index lowered by 1.07 percent to close at 30,819 basis points as the year-to-date loss worsened to -19.4 percent amidst sell-offs in the banking and industrial sectors.

Investor sentiment weakened as market breadth depreciated to 0.8x from 1.1x recorded on Wednesday.

There were seventeen gainers while 22 losers emerged as trading closed on Thursday.

Performance across sectors was largely bearish as three of five indices closed in the red.

The industrial goods index closed as the worst performing index in Thursday’s session as losses in Dangote Cement Plc drove the index lower by 1.61 per cent.

The banking index was the second worst performing index, losing 0.81 per cent due to losses in Access Bank Plc and Zenith Bank Plc.

The consumer goods index trailed, shedding 0.27 per cent on the back of sell pressures in Vitafoam Nigeria Plc and Unilever Nigeria Plc.

The oil and gas index however gained the most with a 0.52 per cent increase on the back of price appreciation in Oando Plc.

Read also: Nigeria’s ETP grows by 8% in four years

The insurance indices gained 0.25 per cent as Mutual Benefits Assurance Plc and AIICO Insurance Plc recorded price appreciations.

The volume and value stocka traded however rose by 41.4 per cent and 7.8 per cent, respectively, to close at 280.939 million units and N2.490bn, respectively.

The top traded stocks by volume were FBN Holdings Plc (92.5 million units), Diamond Bank Plc (68.2 million units) and Ikeja Hotel Plc (34.4 million units), while the top traded stocks by value were FBN Holdings Plc (N707.3m), Guaranty Trust Bank Plc (N507.8m), and Nigerian Breweries Plc (N319.0m).

Champion Breweries Plc led the price gainers followed by Mutual Benefits, Diamond Bank, Honeywell Flour Mill Plc and Cutix Plc. Their respective share prices appreciated by 9.66 per cent, 9.52 per cent, 9.41 per cent, 8.49 per cent and 8.24 per cent.

Niger Insurance Plc led the losers table with AG Leventis Nigeria Plc, LASACO Assurance Plc, UACN Property Development Company Plc and Regency Assurance Plc following in that order. Their share prices depreciated by 9.09 per cent, 6.90 per cent, 6.90 per cent, 5.73 per cent and 4.76 per cent, respectively.

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