Sell pressure: market capitalisation down by N42bn

Lagos –  Activities on the Nigerian Stock Exchange (NSE) on Tuesday remained on a negative note due to profit taking embarked by investors leading to a further drop in the market capitalisation.

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The News Agency of Nigeria (NAN) reports that the market capitalisation lost N42 billion to close at N9.436 trillion against N9.478 trillion recorded on Monday.

Similarly, the All-Share Index which opened at 27,598.54 shed 123.06 points or 0.45 per cent to close at 27,475.48.

Market analysts attributed the development to sell pressure embarked by fund managers due to delay in the release of flexible exchange rate guidelines by the Central Bank of Nigeria (CBN).

An analysis of the price movement table showed that Cadbury topped the losers’ chart, dropping by N1.02 to close at N19.48 per share.

It was followed by Dangote Cement with a loss of N1.01 to close at N169.99, while Nigeria Breweries dropped 61k to close at N136.53 per share.

United Bank for Africa shed 45k to close at N4.25 and Access Bank declined by 26k to close at N5.30 per share.

On the other hand, 7UP led the gainers’ table, improving by N3.90 to close at N142.40 per share.

Total followed with a gain of N2.82 to close at N165.37 and Guinness gained 95k to close at N100 per share.

Oando appreciated by 62k to close at N6.72 and Berger Paint increased by 20k to close at N7.75 per share.

UBA was the most traded in volume terms, trading 40.56 million shares worth N173.86 million.

FBN Holdings traded 28.12 million shares valued at N106.26 million, while Access Bank exchanged 17.77 million shares worth N94.56 million.

Transcorp sold 15.29 million shares valued at N21.24 million, while Oando transacted 9.72 million shares worth N64.68 million.

NAN also reports that in spite of the drop in market indices, the volume of shares traded closed higher as investors staked N2.01 billion on 183.24 million shares exchanged in 3,488 deals.

This was against the 145.34 million shares valued at N1.43 billion traded in 3,695 deals on Monday. (NAN)

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