Market capitalisation drops N46bn due to selloffs
Sentiments remained bearish at the equity market of the Nigetian Exchange Ltd., due selloffs in Dangote Cement, Zenith Bank and Geregu stocks, bringing down the market capitalisation down by N46 billion.
As a result, the market capitalisation of equities listed on the NGX decreased by N46 to N28.658 trillion from N28.704 trillion recorded on Tuesday.
Similarly, the All-Share Index (ASI) decreased by 85.8 points, representing a dip of 0.16 per cent to close at 51,615.51 from 51, 701.31 which it was on Tuesday.
Accordingly, the year-to-date gain moderated to 2.66 per cent.
Analysts at Vetiva Securities Ltd., said that “Despite today’s red close, investors continue to cherry pick selected stocks across board, especially in the banking and telecoms sectors.
“We expect this trend to persist this week.”
Market breadth closed negative as 18 stocks were on the larggard’s chart while 13 on the gainer’s.
FTN Cocoa Processors led the losers’ chart in percentage terms by 6.67 per cent to close at 28k, per share.
Associated Bus Company followed with 6.45 per cent to close at 29k, while Livestock Feeds dropped by five per cent to close at N1.14, per share.
Regent Alliance Insurance shed 3.57 to close at 27k, while Oando lost 7.56 per cent to close at N3.85, per share.
On the other hand, Chelleram dominated the gainers’ chart in percentage terms by 9.77 per cent to close at N1.46 per share.
Consolidated Hallmark Insurance followed with a gain of 9.52 per cent to close at 69k, per share.
Linkage Assurance rose by 9.09 per cent to close at 48k, while International Energy Insurance appreciated by 7.89 per cent to close at 41k, per share.
Also, Mutual Benefits Assurance rose by 6.67 per cent to close at 32k, per share.
Meanwhile, the traded turnover increased by 63 per cent with an exchange of 217.95 million valued at N3.18 billion in 3,377 deals.
Transactions in the shares of Sterling Bank topped the activity chart with 94.27 million shares valued at N145.52 million.
Zenith Bank followed with 16.92 million shares worth N416 million, while Guranty Trust Holding Company (GTCO) traded 13.16 million shares valued at N320.14 million.
Geregu traded 10.1 million shares valued at N1.35 billion, while United Access Holdings transacted 9.13 million shares worth N82.21 million.