Market capitalization at the Nigerian Stock Exchange (NSE) dropped by N100.2 billion on Thursday as stocks of banks and industrial companies listed on the Exchange recorded losses.
The market capitalization which opened on Thursday after a two-day break at N11.676 trillion, closed at N11.576 trillion, a difference of N100.2 billion, while the All Share Index dropped by 0.9 per cent to 31,692.63 basis points, and the year-to-date loss worsened to -17.1 per cent.
Analysts are of the opinion that the negative market performance was dragged by losses recorded in FBN Holdings Plc, Dangote Cement Plc and Access Bank Plc.
Activity level at the exchange fell as volume and value declined by 36.7 per cent and 49.8 per cent to 452.260 million units and N2.608bn, respectively.
The top traded stocks by volume were Medview Airline Plc (146.9 million units), NEM Insurance Plc (45.9million units) and Transcorp Hotels Plc (37.5 million units), while Zenith Bank Plc (N646.2m), Guaranty Trust Bank Plc (N345.6m) and MEDVIEW AIRline (293.9m) were the top traded stocks by value.
The losses not withstanding, performance across sectors was largely positive as three of five indices closed higher.
The Oil & Gas index yielded the most, with a 1.3 per cent gain due to price appreciations recorded in Forte Oil Plc and Conoil Plc while the Banking index gained 0.2 per cent on the back of price appreciations in Diamond Bank Plc, First City Monument Bank Plc and GTB.
The Consumer Goods index increased by 0.04 per cent as a result of the gains recorded in Nigerian Breweries Plc and Nascon Allied Industries Plc.
However, sell pressures in Dangote Cement, NEM Insurance and Niger Insurance dragged the industrial and insurance indices lower by 2.11 per cent and 0.69 per cent, respectively.
Investor sentiment strengthened as market breadth declined to 1.9x against 7.2x in the previous session, which was as a result of the 30 gainers that emerged against 16 decliners at the end of trading on Thursday.
The top performers were NPF Microfinance Bank Plc, Mutual Benefits Assurance Plc and Conoil Plc, whose respective share prices gained 10 per cent, 10 per cent and 10 per cent.
The top losers were UACN Property Development Company Plc, NEM Insurance and Niger Insurance, which saw their share prices decline by10 per cent, 9.2 per cent and 8.3 per cent, respectively.
Source: The Ripples