NB, Stanbic IBTC, Others Drag Market Capitalisation by N43b

Price losses suffered by major highly capitalised stocks on the floor of the Nigerian Stock Exchange (NSE), especially Nigerian Breweries (NB) and Stanbic IBTC, yesterday dragged market capitalisation further by N43 billion.

Specifically, at the close of trading yesterday, Nigerian Breweries emerged the day’s highest price loser with 4.90 kobo to close at N164.00 per share, Stanbic IBTC followed with 0.95 kobo to close at N40.05 per share.

United Bank for Africa lost 0.16 kobo to close at N9.18 per share while Vitafoam shed 0.14 kobo to close at N2.66 per share.

UPL and Dangote Sugar Refinery dropped 0.12 kobo to close at N2.45 and N13.65 per share respectively. Law Union and Rock depreciated 0.04 kobo to close at N0.81 per share.

Seplat led the gainers’ chart with N7.51 kobo to close at N480.00 per share while Nestle followed with N2.92 to close at N1233.12 per share and Cement Company of Northern Nigeria added 0.86 kobo to close at N10.18 per share.

Guinness garnered 0.75 kobo to close at N99.25 per share. Redstar Express appreciated by 0.24 kobo to close at N5.16 per share.

Nigerian Aviation Handling Company added 0.16 kobo to close at N3.41 per share. National Salt Company of Nigeria garnered 0.11 kobo to close at N13.11 per share.

Consequently, the All-share index depreciated by 123.78 points or 0.3 per cent from 36,776.60 recorded on Tuesday to 36,652.82. Also, the market capitalisation plunged by N43billion from N12.659 trillion to N12.616 trillion.

Investors exchanged 336 million shares worth N1.8 billion in 3,689 deals, higher than 353.19 million units valued at N3.26 billion that changed hands in 4,201 deals on Tuesday.

Diamond Bank was investors’ toast with 230 million shares worth N230.2 million while Skye Bank followed with 13.4 million to close at N6.7 million. Zenith Bank traded 10.4 million shares worth N265 million.

Fidelity Bank exchanged 9 million shares worth N13 million. FBN Holdings accounted for 9.1 million units valued at N55 million.

By Helen Oji

The Guardian Newspaper October 12th, 2017

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