NSE market capitalization drops amidst profit taking

The nation’s bourse on Wednesday reversed the three consecutive days positive trend with the market capitalisation dropping by N20 billion.

The All-Share Index lost 51.92 points or 0. 16 per cent to close at 32,121.74 compared with 32,173.66 achieved on Tuesday.

Breakdown of the price movement table shows that Dangote Cement recorded the highest gain to lead the gainers’ table, appreciating by 50k to close at N196.50 per share.

Guaranty Trust Bank followed with a gain of 35k to close at N37.95, while Access Bank increased by 10k to close at N6.10 per share.

United Capital added 5k to close at N3.30, while FBNHoldings also gained 5k to close at N8.15 per share.

Conversely, Seplat topped the losers’ table with a loss N22.10 to close at N596.90 per share.

Cement Company of Northern Nigeria trailed with N1 to close at N19, while GlaxosmithKline dipped 40k to close at N11.50 per share.

Ecobank dropped 30k to close at N13.70, while Etranzact shed 29k to close at N2.64 per share.

Zenith Bank dominated trading activities, accounting for 45.37 million shares worth N1.11 billion.

Guaranty Trust Bank followed with an exchange of 23.08 million shares valued at N872.94 million, while Fidelity Bank Plc traded 20.17 million shares worth N46.46 million.

Access Bank sold 15.61 million shares valued at N94.18 million, while Transcorp traded 13.86 million shares worth N17.54 million.

In all, the volume of shares traded closed lower by 47.96 per cent as investors bought and sold 208.60 million shares valued at N2.78 billion in 3,246 deals.

This was in contrast with 400.87 million shares worth N3.46 billion exchanged in 3,885 deals.