Capitalisation dips by N304 billion amid losses in banks’ stocks

TRANSACTIONS on the equities sector of the Nigerian Exchange Limited ( NGX) reopened on a downturn yesterday, as market capitalisation depreciated by N304 billion, amid losses in banks stocks.

At the close of trading yesterday, market the All Share Index ( ASI) declined by 537.44 points, representing a decline of 0.5 per cent to close at 101,777.12 points.

Accordingly, market capitalisation shed by N304 billion to close at N57, 560 trillion.

The market negative performance was driven by price appreciation in large and medium capitalised stocks which are; GTCO , Zenith Bank, United Bank for Africa, Fidelity Bank, Transnational Corporation of Nigeria, Accesscorp , May& Baker and Wema Bank. As measured by market breadth, market sentiment was negative, as 32 stocks lost relative to 10 gainers.

O n what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage, said: “No banking stock formed part of today’s gainers, as sentiment remain negative in the sector post- recapitalisation announcement. We expect another caution trading session tomorrow ( today).

Fidelity Bank led the loser’s chart with 10 per cent to close at N9 while Jaiz Bank followed with 9.69 per cent to close at N2.05 kobo. RT Briscoe shed 8.47 per cent to close at 54 kobo. GTCO shed 7.73 per cent to close at N38.20 kobo.

Universal Insurance depreciated by 7.69 per cent to close at 36 kobo. May& Baker dropped 7.38 per cent to close at N6.15 kobo. Omatek shed 7.06 per cent to close at 79 kobo. Transcorp dropped 6.35 per cent to close at N14. AIICOO lost 6.25 per cent to close at N1.05 kobo. Cutix also shed 6.25 per cent to close at N3.

On the other hand, UPDC led the gainers chart with 10 per cent to close at N1.43 kobo while Morison followed 9.77 per cent to close at N2.81 kobo. NEM added 8.90 kobo to close at N10.40 kobo. Daar communication gained 7.69 per cent to close at 70 kobo. Oando appreciated by 6.77 per cent to close at N13.40 kobo. Regency Insurance added 5.26 per cent to close at 40 kobo. Mutual Benefit garnered 5.26 per cent to close at 60 kobo. International Breweries gained 4.44 per cent to close at N4.70 kobo. FTN Cocoa added 65 per cent to close at N1.56 kobo. Nigerian Breweries also appreciated by 0.18 per cent to close at N28.05 kobo.