Stock Market Capitalization Drops By N19bn As Local Bourse Begins On Negative Note

Newsbeat Editor September 20, 2022

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Stock market capitalisation drops by about N19 billion as the domestic bourse started the week on a negative note; as sell-side pressure pushed the Nigerian Exchange All Share Index.

NewsBeatng reports that market index contraction was propelled by price declines in stocks such as SEPLAT which lost 3.85% in addition to a 2.86% drop in MANSARD among others.

Stock market capitalisation shed N19 billion or 0.07 per cent to close at N26.667 trillion from N26.686 trillion on Friday. All-Share Index dropped by 35.21 basis points or 0.07 per cent to close at 49,440.21 from 49,475.42 recorded in the previous session.

The sustained profit-taking dragged the equities market year-to-date return to 15.74 per cent. Trading data shows that E-Tranzact International led the gainers’ table during the day, gaining by 9.97 per cent to close at N3.20 per share.

Academy Press followed with a gain of 9.52 per cent to close at N1.84, while Vitafoam inched higher by five per cent to close at N21 per share. Honeywell Flour Mill grew by 3.36 per cent to close at N2.46 per share.

Cornerstone Insurance appreciated by 3.33 per cent to close at 62k per share. On the other hand, Associated Bus Company topped the losers’ chart, depreciating by 10 per cent to close at 27k per share.

University Press trailed with a loss of 9.44 per cent to close at N1.63, while Mutual Benefits Assurance declined by 6.90 per cent to close at 27k per share. READ: Treasury Bill Yield Rises as Naira Tumbles

RT Briscoe was down by 6.25 per cent to close at 30k, while Courteville Business Solutions lost by 6.12 per cent to close at 40k per share. Investors traded a total of 67.37 million shares valued at N1.48 billion in 3,386 deals, representing a 37.33 per cent decrease in volume.

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This was against the 107.49 million shares worth N1.15 billion exchanged in 3,303 deals the previous trading day. First Bank of Nigeria Holdings was the most active stock, exchanging 9.67 million shares worth N96.56 million.

Zenith Bank followed with an account of 9.25 million shares valued at N182.39 million, while Guaranty Trust Holding Company (GTCO) sold 6.11 million shares valued at N120.4 million.

Mutual Benefits traded 4.49 million shares worth N1.25 million, while Sovereign Trust Insurance exchanged 2.95 million shares worth N797, 719.