The market capitalisation of the Nigerian Stock Exchange (NSE) on Tuesday dropped further by N88 billion due to poor third quarter results announced by some quoted companies. The market capitalisation, which opened at N10.251 trillion, lost N88 billion or 0.86 per cent to close at N10.163 trillion. Also, the All-Share Index lost 256.05 points or 0.86 per cent to close at 29,572.90 against the 29,828.95 achieved on Monday.
Market analysts attributed the development to unimpressive third quarter results declared by some quoted companies.
NAN reports that Guinness Nigeria recorded the highest price loss to lead the losers’ chart, dropping N7.17 to close at N135.09 per share. Unilever Nigeria trailed with a loss of N2.14 to close at N40.71, while Stanbic IBTC dropped N1.09 to close at N20.76 per share. Ashaka Cement declined by 90k to close at N22.10, while Oando shed 87k to close at N8.13 per share.
On the other hand, Beta Glass led the price gainers’ table, growing by N1.05 to close at N46.20 per share. Dangote Cement followed with a gain of 49k to close at N163.50, while Cement Company of Northern Nigeria (CCNN) appreciated by 29k to close at N8.25 per share. Glaxo Smithkline improved by 19k to close at N38.20, while Ikeja Hotel rose by 14k to close at N3.58 per share.
The volume of shares traded dropped by 61.49 per cent as investors staked N1.36 billion on 141.27 million shares traded in 3,218 deals. This was against 366.92 million shares valued at N5.24 billion traded in 2,976 deals on Monday. Access Bank was the toast of investors, exchanging 21.97 million shares worth N108.94 million.
It was trailed by Transcorp which accounted for 19.88 million shares valued at N39.62 million, while Continental Reinsurance sold 13.52 million shares worth N13.52 million.
Diamond Bank traded 11.76 million shares valued at N33.09 million, while Zenith Bank traded 9.89 million shares valued at N174.43 million.
