Profit taking: NSE market capitalisation drops below N15trn mark

The market capitalisation of the Nigerian Stock Exchange (NSE) dropped below the N15 trillion mark due to persistent profit-taking.

The market capitalisation, which opened at N15.132 trillion, shed N138 billion to close at N14.994 trillion.

Also, the all-share index decreased by 267.73 points, representing a loss of 0.91% to close at 29,110.90 against 29,378.63 on Tuesday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are MTN Nigeria, Guaranty Trust Bank, Unilever, UACN and BOC Gases.

Ambrose Omordion, the chief operating officer, InvestData, attributed the three days pull back to investors’ reactions to the outcome of the first monetary policy committee meeting.

Omordion said investors were trying to ascertain the implication of the cash reserve ratio adjustment to the economy.

“This correction is expected to create an opportunity for repositioning ahead of full-year earnings reports,” he stated.

Consequently, market breadth closed negative, with 10 gainers and 18 losers.

BOC Gases Nigeria dominated the losers’ chart in percentage terms by 9.09% to close at N4.50 per share.

NEM Insurance followed with a loss of 8.33% to close at N2.20, while AXA Mansard was down by 6.10% to close at N2 per share.

Wapic Insurance dipped 5.41% to close at 35k, while UACN shed 5.21% to close at N10 per share.

On the other hand, Lasaco Assurance led the gainers’ chart in percentage terms with a growth of 7.69% to close at 28k per share.

AIICO Insurance followed with a gain 6.33% to close at 84k, while Flour Mills appreciated by 5.67% to close at N22.35 per share.

Oando improved by 2.75% to close at N3.74, while Sterling Bank rose by 2.16% to close at N1.89 per share.

The total volume of shares traded dropped to 242.76 million shares worth N4.59 billion were exchanged in 3,556 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 46.57 million shares valued at N980.70 million.