NSE: Market capitalisation drops by 0.37%

Trading on the floor of the Nigerian Stock Exchange (NSE) closed negative on Wednesday with the market capitalisation of the listed equities shedding N45bn.

The figure represented a decline of 0.37 per cent compared to the 0.63 per cent (N76bn) rise witnessed in market capitalisation on Tuesday.

Similarly, the NSE's All-Share Index dropped by 0.37 per cent or 141.46 basis points from 37,514.55 Tuesday's close to 37,373.09 points.

The NSE-30 Index was down by 0.54 per cent to close at 1,749.46 basis points, from 1,759.13 points recorded the previous day.

The NSE Banking Index and NSE Oil/Gas Index dropped by 0.80 per cent and 0.34 per cent to close at 394.13 basis points and 228.73 points respectively.

However, the NSE Insurance Index and the NSE Consumer Goods Index appreciated, rising by 2.23 basis points and 0.04 points to close at 137.78 points and 1069.00 points in that order.

The Insurance Carriers, Brokers and Services sub-sector dominated the activity chart, accounting for 57.15 per cent of total turnover traded.

In the sub-sector, 325.556 million shares, valued at N177.3m were exchanged by investors in 229 transactions.

Trading in the shares of Equity Assurance Plc drove volume in the sub-sector as it accounted for 82.60 per cent of turnover in the sub-sector.

Other companies that recorded high turnover in the sub-sector are Law Union and Rock Insurance Plc and WAPIC Insurance Plc.

A total of 28 stocks recorded price appreciation, while 28 others recorded price depreciation.

MRS Oil Nigeria Plc led the price gainers, rising by 7.33 per cent or N2.73 to close at N39.98 per share; followed by ABC Transport Plc, which gained 6.33 per cent or five kobo to close at 84 kobo per share.