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Bearish trend lingers as market capitalization drops by 0.7%

By The Citizen


Equity trading on the Nigerian Stock Exchange (NSE) ended on a negative note on Tuesday as the market capitalisation of the listed equities fell by N81bn or 0.7 per cent from N11.579tn recorded the previous day, to N11.498tn.

The NSE's All-Share Index fell by 0.7 per cent or 254.46 basis points to close at 36,113.13 points down from 31,367.59 points the preceding day.

The NSE-30 Index lost 0.8 per cent or 13.06 basis points to close at 1,684.01 points down from 1,697.07 points on Monday, while the NSE Banking Index was down by one per cent from 390.33 points to 386.51 points.

The data released from the NSE showed that 19 stocks recorded price appreciation, while 31 stocks recorded price depreciation.

RT Briscoe Plc shed 10 per cent or 14 kobo to close at N1.26 per share. Evans Medical Plc followed with a loss of 9.8 per cent or 34 kobo to close at N3.10 per share.

Trans-Nationwide Express Plc and African Prudential Plc lost 9.6 per cent and 9.5 per cent to close at N1.03 and N1.81 per share respectively, while Prestige Assurance Plc fell by 8.3 per cent or five kobo to close at 55 kobo per share.

Also, Courtville Plc recorded the highest gain of the day, rising by 10 per cent or six kobo to close at 66 kobo per share.

Jos International Breweries Plc followed on the chart, with a gain of 9.9 per cent or 51 kobo to close at N5.66 per share.

Cutix Plc and Vono Plc gained five per cent each to close at N2.00 and N1.67 per share respectively, while Ikeja Hotel Plc and Red Star Express Plc rose by 9.3 per cent and 8.2 per cent to close at 82 kobo and N4.23 per share in that order.

In all, investors staked N1.659bn on 196.433 million shares in 4,895 transactions on Tuesday.