NSE: Market capitalization drops by N167bn

The Nigerian Stock Exchange (NSE) closed trading on Friday on a negative note as the market capitalisation fell by N167bn to close at N12.301tn, bringing the total decline in equities value since Thursday to N353bn or 2.80 per cent.

The market capitalisation had declined by N186bn or 1.47 per cent on Thursday to close at N12.468tn.

Analysts had explained that news of the suspension of the Central Bank Governor, Mallam Lamido Sanusi at a time when the market was trying to stabilize from the effects of quantitative easing tapering by the United States and a huge sell-off in the emerging market was not well received by investors.

Also, the Nigerian Stock Exchange's All-Share Index, which fell by 580.9 basis points on Thursday to close at 38,816.19 basis points, shed an additional 520.45 basis points or 1.34 per cent on Friday to close at 38,295.74 basis points.

The total decline for both days stands at 1101.35 basis points or 2.80 per cent.

The banking stocks continued to be affected the most by the sell-off sparked by the Presidency's decision.

On Friday the NSE Banking sub-sector was down 2.25 per cent to close at 359.34 basis points, compared to a decline of 4.46 per cent, which saw it close at 367.61 basis points on Thursday.

A total of 13 stocks recorded price appreciation on Friday, while 39 recorded price depreciation, compared to just nine gainers and 46 losers the previous day.

While no bank stocks rose on Thursday, Sterling Bank Plc, Ecobank Transnational Incorporated Plc and Union Bank of Nigeria Plc rose on Friday, by 2.33 per cent, 2.07 per cent and 0.49 per cent, respectively