Stock Market: Capitalisation Drops By N1bn, As Investors Trade Cautiously

Following the one billion naira loss of the market capitalisation, the Nigerian stock market ended trading on Tuesday, on a cautious note to lengthen the unfavorable sentiment to four trading sessions.

Due to investors’ reduced interest in major stocks, the market capitalisation lost one billion naira to close at N19.724 trillion in contrast with N19.723 trillion on Monday.

The All-Share Index (ASI) as well, which opened at 37,857.89 dropped by 0.65 points to close at 37,857.24.

Nevertheless, the market closed on a positive note with 17 gainers against 13 losers.

NCR drove the gainers’ chart in percentage terms with 9.64 percent to close at N2.73 per share.

Wema Bank followed with 9.46 percent to close at 81k, while FTN Cocoa Processors grew by 8.33 percent to close at 39k per share.

NPF Microfinance Bank rose by 6.88 percent to close at N1.71, while Lasaco Assurance gained 6.67 percent to close at N1.60 per share.

Conversely, Ikeja Hotel led the losers’ chart in percentage terms by 9.09 percent to close at N1.40 per share.

Custodian Investment trailed with 6.15 percent to close at N6.10, while Japaul Gold and Ventures lost 5.66 percent to close at 50k per share.

Mutual Benefits Assurance lost 4.76 percent to close at 40k, while FBNH shed four percent to close at N7.20 per share.

Transactions in the shares of Wema Bank topped the activity chart with 37.19 million shares valued at N28.06 million.

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GTCO followed with 27.91 million shares worth N823.19 million, while UPDC Real Estate Investment Trust traded 13.85 million shares valued at N19.56 million.

Fidelity Bank sold 12.16 million shares worth N28.36 million, while United Bank for Africa transacted 9.58 million shares worth N72.20 million.

The total volume of traded rose by 5.4 percent to 197.28 million shares valued at N1.92 billion exchanged in 3,567 deals.

This was against a total of 187.24 million shares worth N2.89 billion achieved in 4,017 deals on Monday.