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NSE: Market capitalisation loses N64bn amid election uncertainties

by Business News Report

Trading activities on the Nigerian Stock Exchange (NSE) for the fourth consecutive day remained on a bearish trend on Thursday with market indicators dropping by 0.65 per cent. Market capitalisation opened trading at N9.822 trillion lost N64 billion, to close at N9.758 trillion, due to profit takings. Similarly, the All-Share lost 190.55 basis points or 0.65 per cent to close at 29,243.91, compared with the 29,434.46 posted on Wednesday.
A breakdown of the price movement chart showed that Mobil topped the laggards’ chart, shedding N6 to close at N145 per share.
Forte Oil came second with a loss of N4 to close at N181, while Conoil declined by N1.70 to close at N32.26 per share. Flour Mills lost N1.69 to close at N32.26, while Betaglass dipped N1.18 to close at N22.57 per share. Market analysts attributed the development to sell pressure, due to uncertainties surrounding the 2015 general elections, a fall in crude oil price and the exit of foreign investors. On the other hand, UAC Property led the gainers’ table with 26k, to close at N9.15 per share.
Honeywell Flour Mills followed with a gain of 24k to close at N3.04, while Unilever Nigeria gained 23k to close at N33.88 per share. Dangote Sugar appreciated by 10k to close at N6.10 and FCMB grew by 5k to close at N2.60 per share. Over all, investors staked N3.22 billion on 277.65 million shares traded in 3,181 deals, representing an increase of 47.41 per cent.
This was against the 188.35 million shares worth N1.62 billion achieved in 3,043 deals on Wednesday. Banking stocks remained the most-traded with Access Bank accounting for 98.05 million shares worth N586.70 million, exchanged in 166 deals. It was trailed by FCMB with 37.79 million shares valued at N95.86 million achieved in 102 deals, while Union Bank sold 18.08 million shares worth N155.21 million in 90 deals.

FBN Holding transacted 13.69 million shares valued at N108.21 million, traded in 395 deals and UBA accounted for 12.36 million shares worth N46.09 million in 231 deals.

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