Activities on the floor of the Nigerian Stock Exchange(NSE) yesterday continued to point downward, as more highly capitalised companies joined the losers' chart, leading to a further drop in market capitalisation by N4 billion.
The drop in value of shares was however occasioned by the value of the listing of a new company , Autin Laz Plc, which listed its shares in the market by way of Introduction.
According to leading market expert, listing shares by way of introduction do not really add value to the market technically.
Consequently, at close of transactions yesterday, the All-Share Index depreciated marginally by 14 basis points at 0.06 per cent from 29,137.51 recorded on Tuesday to 20,123.51, while market capitalisation fell by N4 billion from N6.346 trillion to N6.342 trillion.
Volume of shares traded however increased as 441.8 million shares worth N2.6billion exchanged hands in 4,546 deals higher than 417.9 million units worth N2.6 billion exchanged in 4,720 deals on Tuesday.
The banking subsector remained the most active stock in volume terms with 329.4million shares worth N1.6billion in 2,651 deals. The insurance subsector followed with 64million units worth N36.2million in 221 deals.
Transactions in the shares of UBA Plc enhanced activities in the banking subsector with 172.2million shares worth N446.8 million in 512 deals.
The Insurance subsector was boosted by activities in the shares of NEM Insurance which traded 50.7million shares worth N25.3million.
On the price movement chart, 23 companies depreciated in price, as Julius Berger and Union Bank of Nigeria topped the losers' chart with 4.98 and 4.96 per cent to close at N19.86 and N6.70 per share respectively, while Ashaka Cement Plc followed with 4.95 per cent to close at N9.79 per share..
On the other hand, 21 companies appreciated in price, led by Flour Mills of Nigeria with 5 per cent to close at NN57.75 per share, while Stanbic IBTC followed with 4.97 per cent to close at N7.39 per share.