Market capitalisation falls by 0.11% as stocks lose N23b

INVESTORS at the Nigerian stock market lost N23 billion during trading on the floor of the bourse, yesterday.

  At the close of trading, the market capitalization dropped to N19.70 trillion to the consternation of investors.

  This represents a 0.11 per cent or N20 billion slump compared to N19.72 trillion reported on Tuesday.

  All Share Index also slipped by 42.61 basis points to settle at 37,804.46 compared to 37,847.07 achieved on Tuesday, while investors traded 208.35 million shares valued at N1.60 billion in 3,365 deals.

  This was lower than 218.27 million shares valued at N2.72 billion that exchanged hands in 3,524 deals the previous day.

  FTN Cocoa led the gainers’ chart after gaining 10 per cent to move from N0.30kobo to N0.33kobo per share. Ikeja Hotel gained 9.89 per cent during trading to increase its share price from N0.91kobo to N1 per share while Cornerstone share price rose by 9.80 per cent to end trading at N0.56kobo from N0.51kobo per share. Linkage Assurance share price was up by 9.09 per cent to move from N0.55kobo to N0.60kobo per share at the end of trading as Mutual Benefit share price increased by 5.26 per cent to end trading with N0.40kobo from N0.38kobo per share.

  Conversely, Royal Exchange topped the losers’ chart after shedding 10 per cent from its share price to drop from N0.70kobo to N0.63kobo per share. Japaul Gold share price declined from N0.51kobo to N0.46kobo per share following a loss of 9.80 per cent in its share price with UPL share price plunging by 9.52 per cent to end trading at N1.52 from N1.68kobo per share. Chi Plc share price declined from N0.64kobo to N0.58kobo per share after losing 9.38 per cent in share price during trading. ETranzact completed the list as its share price fell by N0.19kobo to end trading at N2.06kobo from N2.25kobo per share.

  Zenith Bank was the most active stock as investors traded 33.68 million shares worth N795.02 million. ETranzact shares traded at a volume of 20.95 million and valued at N43.15 million. Fidelity Bank was next with 13.67 million shares traded at a cost of N31.38 million. Royal Exchange reported 13.11 million shares worth N8.27 million, while Japaul Gold recorded over 13 million traded shares at a value of N6.12 million.