PRICE losses outweighed gains on the equity sector of the Nigerian Stock Exchange yesterday, even as most blue chip companies depreciated in price, causing market capitalisation to plunge significantly by N107 billion.
Yesterday, market capitalisation depreciated by 1.3 per cent or N107 billion from N8,538 trillion recorded on Monday to N8,431 trillion while the All-share index dropped by 14.41 points or 1.26 per cent from 24,827.50 to 24,514.91.
On the price movement chart, 16 stocks appreciated in value while 19 stocks constituted the losers chart.
Specifically, Champion Breweries topped the losers chart with 5.00 per cent to close at N2.85 per share. Caverton followed with 4.86 per cent to close at N1.76 per share. LearnAfrica lost 4.65 per cent to close at N0.82 per share.
Mansard dropped 4.65 per cent to close at N2.05 per share. Continental Reinsurance and Dangote Cement shed 4.08 and 3.94 per cent to close at N0.94 and N146.00 per share.
Other losers of yesterday’s transactions include Fidson, Unity Bank, Seven-UP, shedding 3.23,3.08 and 2.58 per cent to close at N2.70, N0.63 and N170.00 per share.
Flourmills lost 2.56 per cent to close at N19.00 per share. UAC-Properties and Skye Bank also shed 1.85 and 1.75 per cent to close at N5.30 and N1.12 per share.
On the other hand, May&Baker led others on the gainers chart with 5.00 per cent to close at N0.84 per share. GlaxoSmithKline followed with 4.98 per cent to close at N21.93 per share. Eternaoil followed with 4.92 per cent to close at N1.92 per share.
Portland Paints added 4.28 per cent to close at N3.90 per share. FBN Holdings gained 3.71 per cent to close at N3.91 per share. Guinness and Tigerbrands garnered 1.75 per cent to close at N120.80 and N1.16 per share respectively while United Bank for Africa gained 1.69 per cent to close at N3.00 per share.
Dangote Sugar Refinery and Sterling Bank garnered 1.27 and 1.14 per cent to close at N5.60 and N1.77 per share. Wema Bank also gained 1.01 per cent to close at N1.00 per share.
The banking subsector dominated in volume terms with 161 million shares worth N1.8 billion while the insurance subsector trailed with 17 million units worth N13 million. The personal/ household products sub-sector ranked third with 11.9 million shares worth N354million.
The banking sub-sector was boosted by activities in the shares of Guaranty Trust Bank with 100 million shares worth N1.6 million while fidelity Bank followed with 33 million units worth N43 million.
The insurance sub-sector was lifted by activities in the shares of NEM insurance and Continental Reinsurance with 13 million shares and 3 million units valued at N9 million and N3 million.
On the whole, investors exchanged 290 million shares worth N2.9 billion in 2,934 deals.