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Bearish trend continues as market capitalisation, index dip by 0.1%

By The Citizen
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Trading on the floor of the Nigerian Stock Exchange (NSE) continued on a bearish note on Wednesday, with major indicators losing marginally.

The market capitalisation of the listed shares fell by 0.1 per cent or N5bn from N11.491tn to close at N11.486tn on Wednesday.

Similarly, the NSE's All-Share Index dropped by 0.1 per cent or 15.26 basis points from 36,230.83 points on Tuesday's close to 36,215.57 points.

The NSE-30 Index was down marginally by 0.1 per cent or 1.72 basis points to close at 1,693.18 points, down from 1,691.18 points recorded the previous day, while the Consumer Goods Index dropped by 0.3 per cent each to close at 1,015.09 points.

The NSE Banking Index, on the other hand, recorded marginal appreciation, rising by 0.3 per cent or 1.08 basis points to close at 392.73 points.

The insurance displaced the banking sub-sector from the activity chart, as trading in the sub-sector accounted for 38 per cent of total turnover traded.

In the insurance sector, 105.52 million shares, valued at N114m were exchanged by investors in 266 transactions.

Trading in the shares of Continental Reinsurance and Wapic Insurance Plc drove the sub-sector's turnover, accounting for 80 per cent of volume in the sub-sector.

The banking sub-sector followed closely on the activity chart, where investors exchanged 93.754 million shares, worth N1.137bn in 1,875 deals.

Trans-Nationwide Express Plc emerged the highest price gainer at the close of activities, rising by 9.9 per cent or nine kobo to close at N1 per share.

Jos International Breweries Plc also gained 9.9 per cent or 35 kobo to close at N3.89 per share.