Panic selling causes NSE market capitalisation to drop by N261bn

Dealers at the Nigeria Stock Exchange

Dealers at the Nigeria stock Exchange

Dealers at the Nigeria stock Exchange
Dealers at the Nigeria stock Exchange

Trading activities on the Nigerian Stock Exchange (NSE) for the third consecutive day maintained a downward trend with the market capitalisation losing N261 billion amidst panic selling.

NAN reports that the market capitalisation, which opened at N12.170 trillion on Wednesday, lost N261 billion or 2.14 per cent to close at N11.909 trillion.

Also, the All-Share Index lost 786.08 basis points representing 2.14 per cent to close lower at 35,958.38 compared with 36,744.46 posted on Tuesday following huge loss.

Analysts attributed the persistent bearish trend at the exchange to exit of foreign investors due to drop in oil price at the international market.

They also attributed the development to political uncertainties in the country as a result of the 2015 general elections.

Analysis of the price movement chart indicated that 50 equities recorded price depreciation.

Nestle recorded the highest price loss dipping by N49 to close at N931 per share.

It was trailed by 7UP with a loss of N14 to close at N141, while Lafarge Wapco dropped N9.67 to close at N89.61 per share.

Nigerian Breweries lost N4.94 to close at N151, while Total depreciated by N2.71 to close at N155 per share.

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On the other hand, eight equities recorded price appreciation for Wednesday.

NAN reports that Diamond Bank topped the gainers’ chart, with a gain of 20k to close at N5.80 per share.

Sterling Bank garnered 11k to close at N2.41, while Mansard grew by 10k to close at N3.10 per share.

May & Baker increased by 8k to close at N1.72, while Omoluabi Savings and Loans gained 2k to close at 57k per share.

In all, investors staked N4.02 billion on 400.23 million shares transacted in 4,374 deals.

This was against 752.77 million shares worth N4.18 billion transacted in 4,997 deals on Tuesday.

The Financial Service Sector sustained its leading position as the toast of investors with 320.05 million shares worth N2.74 billion in 2725 deals.

The Banking sub-sector drove activities in the sector accounting for 164.21 million shares valued two billion naira achieved in 1,692 deals.

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