NGX: Market Capitalisation Drops To ₦87 Trillion

THE Nigerian stock market continued on a bearish trend on Tuesday, losing ₦623 billion.

Market capitalisation dropped by ₦623 billion or 0.71 per cent, closing at ₦87.783 trillion when compared to ₦88.406 trillion recorded on Monday.

Similarly, the All-Share Index (ASI) dipped by 984.55 points or 0.71 per cent, reaching 138,737.64 from 139,722.19 recorded earlier.

The negative trend was driven by sustained profit taking in stocks like AIICO Insurance, Prestige Assurance, Wema Bank, Consolidated Hallmark Holdings, Ellah Lakes, and 44 other stocks.

Also, the market breadth closed negative with 49 losers against 11 gainers.

On the decliners’ table, AIICO Insurance Prestige Assurance, Wema Bank and Consolidated Hallmark Holdings shed by 10 per cent each, closing at ₦3.42, ₦1.62, ₦20.70 and ₦3.87 per share respectively.

Ellah Lakes also dropped by 9.93 per cent, settling at ₦11.43 per share.

On the gainers’ side, NCR Nigeria grew by 9.96 per cent, finishing at ₦12.70 while Austin Laz soared by 9.66 per cent, ending the session at ₦3.18 per share.

Tantalizer rose by 6.09 per cent, closing at ₦2.44 and Multiverse Mining increased by 5.50 per cent, settling at ₦11.50 per share.

Similarly, Deap Capital gained by 4.68 per cent, finishing at ₦1.79 per share.

A total of 407.6 million shares worth ₦39.9 billion were traded across 31,406 transactions.

This is compared to 407.9 million shares valued at ₦14.78 billion that was exchanged in 33,859 deals earlier on Monday.

Transactions in the shares of Guaranty Trust Holding Company topped the activity chart with 32.6 million shares valued at ₦3.02 billion.

Access Corporation followed with 29.8 million shares worth ₦775.2 million while AIICO Insurance traded 21.81 million valued at ₦76.6 million.

Ellah Lakes sold 20.5 million shares worth ₦235.9 million, and Sovereign Trust Insurance transacted 20.4 million shares valued at ₦56.5 million.

(NAN)