The bears have continued to strengthen their grip in the equity market, as more highly capitalised stocks joined the league of losers, causing the market capitalisation of the Nigerian Stock Exchange which has been on N8 trillion benchmark since March this year, yesterday to drop to N7.958 trillion.
At the close of transactions, the market performance indices, the market capitalisation and the All-Share-Index dropped by 0.9 per cent.
Consequently, the capitalisation depreciated by N73 billion to close at N7.958 trillion while the Index fell by 229.67 basis points to close at 24,889.74.
On the price movement chart, 33 companies depreciated while 20 others gained in value. First Bank led the losers’ table with five per cent, to close N11.97 per share while Glaxosmithkline followed with 4.97 per cent, to close at N26.94 per share. Longman lost 4.94 per cent to close at N5.39 per cent, while National Salt Company of Nigeria shed 4.90 per cent; to close at N5.43 per share.
Dangote Flourmill and Paint Manufacturing Company, lost 4.88 per cent to close at N15.60 and N1.56 per share respectively while United Bank of AfriCA shed 4.87 per cent, to close at N1.56 per share.
Other losers in yesterday’s transaction included Nigerian Aviation Handling Company, (NAHCO), Honeywell Flourmill, May & Baker shedding 4.85, 4.85 and 4.74 per cent to close at N7.45, N4.12 and N3.62 per share respectively.
On the gainers’ table, RT Briscoe topped the list with 4.81 per cent to close at N2.18 per share. Julius Berger followed with 4.63 per cent to close at N56.50 per share. UTC added 4.55 per cent to close at N0.69 per share while Oceanic Bank gained 4.31 per cent to close at N1.21 per cent.
Intercontinental Bank, Bank PHB, Aiico Insurance also appreciated with 4.26, 4.23 and 3.75 per cent to close at N0.98, N0.74 and N0.83 per share.
Afribank, gained 3.64 per cent to close N1.14 per share while Union Homes and C& I Leasing added 3.39 and 3.23 per cent to close at N0.61 and N1.28 per share.
With transaction exchange in 3,641 deals, the banking subsector dominated in volume terms with 158 million shares worth N1 billion while the insurance subsector followed with 81.2 million units worth N50 million in 371 deals.
The conglomerate ranked third with 17 million units worth N46 million in 224 deals.
On the whole investors exchanged 312 million shares, worth N1.7 billion in 6,190 deals.