NSE market capitalization drops by N68bn

Activities on the Nigerian Stock Exchange (NSE) closed negatively on Wednesday, halting the two-day price rally, due to profit taking.

National Daily gathered that the All-Share Index closed lower at 25,620.94, compared with the 25,818.87 recorded on Tuesday, indicating a loss of 197.93 points or 0.77 per cent. While the market capitalisation which opened at N8.933 trillion lost N68 billion or 0.76 per cent to close at N8.865 trillion.

An analysis of the price movement chart showed that major blue chips posted price depreciation with Dangote Cement dropping by N6 to close at N159 per share, to lead the losers’ chart.

Presco trailed with a loss of N1.70 to close at N45 and UACN was down by 43k to close at N14 per share. Beta Glass shed 40k to close at N46, while Air Services decreased by 13k to close at N4.17 per share.

On the other hand, Seplat led the gainers’ table for the day, gaining N5, to close at N410 per share. Okomu Oil followed with a gain of N1.40 to close at N48, while Stanbic IBTC gained N1.11 to close at N23.42 per share.

International Breweries appreciated by 34k to close at N17.84 and Oando increased by 33k to close at N5.73 per share.

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National Daily reports that the volume of shares traded closed higher with a total of 255.73 million shares valued at N1.67 billion, transacted in 2,845 deals.

This was against the 127.43 million shares worth N909.33 million exchanged in 3,176 deals on Tuesday. Transcorp was the toast of investors, accounting for 56 million shares valued at N48.09 million.

Oando sold 45.43 million shares worth N267.28 million, while UAC Property transacted 25.49 million shares valued at N47.44 million.

Diamond Bank posted a turnover of 18.17 million shares worth N15.17 million and FBN Holdings exchanged 16.33 million shares valued at N56.33 million.