NSE Market Capitalisation Sheds N25bn

• NSE Market Capitalisation Sheds N25bn, 19 Stocks Lose

The market capitalisation of the Nigerian Stock Exchange declined by N25bn to close at N8.831tn from N8.856tn at the close of trading on Tuesday.

A total of 189.414 stocks worth N2.494bn were traded in 2,894 deals.

The NSE All-Share Index also slid to 25,671.23 basis points from 25,743.03 basis points.

The 0.28 per cent decline in the ASI was a s a result of declines across consumer goods and industrial goods stocks, which outweighed gains in other key sectors.

The consumer goods sector receded following continuous losses in Guinness Nigeria Plc and Nestle Nigeria Plc by 4.99 per cent and 1.23 per cent, respectively.

The industrial goods sector also extended the losses after a decline in Dangote Cement Plc by 1.15 per cent, while Portland Paints and Products Nigeria Plc extended its winning streak by 9.47 per cent to five sessions, possibly catching a lift from the announcement of a mandatory takeover of two million ordinary shares by its largest shareholder – UACN Plc.

However, the oil and gas sector closed higher after gains by Total Nigeria Plc and Forte Oil Plc.

In the same vein, the financial services sector recorded 0.11 per cent gain owing to 1.45 per cent and 0.43 per cent gains recorded by Ecobank Transnational Incorporated Plc and Guaranty Trust Bank Plc, respectively.

Market breadth remained negative with 15 advances and 19 declines.

On what will shape the next trading session, analysts at Vetiva Capital Management Plc, in the firm’s daily market report, said, “We expect the mixed trading pattern to persist in coming sessions as the hunt for bargains fades further.”

Meanwhile, global markets were slightly higher as concerns over political stability in Italy eased and as investors braced up for upcoming meetings of the United States Fed and European Central Bank.