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NSE: Equities lose momentum as market capitalisation drops by 0.76%

By The Citizen


Transactions on the trading floor of the Nigerian Stock Exchange (NSE) closed on a downward note on Wednesday with the volume of shares traded dropping by 12.32 per cent.

The  market capitalisation lost N95 billion or 0.76 per cent to close lower at N12.483 trillion against the N12.578 trillion recorded on Tuesday.

The NSE All-Share Index also lost 297.13 points or 0.76 per cent to close at 38,862.87 from the 39,160 achieved on Tuesday.

The market indices declined by 0.76 per cent as a result of price losses posted by some highly capitalised stocks.

The investors staked N3.46 billion on 359.06 million shares in 5,815 deals.

This was against a turnover of 409.51 million shares worth N4.42 billion exchanged by investors in 5,844 deals on Tuesday.

NEM was the toast of investors, accounting for 45.25 million shares valued at N37.05 million.

UBCAP came second on the activity chart with 38.27 million shares worth N105.98 million, while Transcorp sold 35.89 million shares valued at N142.42 million.

Zenith Bank accounted for 25.59 million shares worth N542.03 million, while GT Bank recorded a turnover of 23.62 million shares valued at N588.17 million.

Nestle led the losers' chart, dropping N28.69 to close at N1,071.31 per share.

It was followed by UACN with a loss of N5.76 to close at N61.25, Forte Oil posted a loss N4.64 to close at N88.40 per share; while CAP went down by N2.45 to close at N46.55 per share.

Guinness recorded the highest gain for the day, appreciating by N8.18 to close at N171.78 per share.

It was closely followed by Presco which recorded a gain of N2 to close at N42, while Okomu Oil appreciated by N1.92 to close at N40.47 per share.

Similarly, CCNN gained 88k to close at N9.54, while Ashaka Cement grew by 64k to close at N18.64 per share.