NSE market capitalisation dips N32bn

Market capitalisation of the Nigerian Stock Exchange (NSE), on Tuesday, shed N32 billion, as trading returned to negative territory.
The market capitalisation, which opened at N9.073 trillion, lost N32 billion to close at N9.041 trillion due to profit taking.
Also, the All-Share Index dropped 95.63 points or 0.36 per cent to close at 26,278.20 against 26,373.83 posted on Monday.
The dip was largely boosted by value depreciation recorded in some medium and large capitalised stocks such as 7UP, Forte Oil, Guinness, Nestle and UACN, among others.
Mr Ambrose Omordion, the Chief Executive Officer, InvestData Ltd., said that the relative low volume of trade being experienced at the market in recent times was a reflection of the weak macro-economic fundamentals.
Omordion said that both foreign and local investors were concerned over the weak fundamentals.
He said that the economy and financial markets were awaiting policy pronouncement from government that would propel economic activities.
Omordion urged investors to increase their stake in dividend paying stocks with earnings capacity.
Nestle Nigeria posted the highest loss to lead the losers’ chart, declining by N29 to close at N761 per share.
7UP came second with a loss of N5.35 to close at N101.65 and Forte Oil dropped N3.28 to close at N70.30 per share.
Guinness was down by N2.99 to close at N67, while Nigerian Breweries declined by 80k to close at N141.20 per share.
On the other hand, Mobil Oil topped the gainers’ table, increasing by N6.91 to close at N262 per share.
Presco followed with a gain of N1.74 to close at N43.95, while PZ Industries improved by 48k to close at N14.25 per share.
CCNN gained 20k to close at N4.35 and United Capital advanced by 14k to close at N3.50 per share.
In spite of the drop in market indicators, the volume of shares traded closed higher by 113.71 per cent with a total of 371.87 million shares worth N1.71 billion traded in 3,522 deals.
This was in contrast with 174.01 million shares worth N1.18 billion exchanged in 3,075 deals on Monday.
The financial services sector remained the most active with Fidelity Bank emerging the most traded, accounting for 101.99 million shares valued at N99.91 million.
It was trailed by Continental Reinsurance with 43.07 million shares worth N47.25 million and Diamond Bank sold 37.49 million shares valued at N45.68 million.
Sterling Bank sold 25.26 million shares worth N20.39 million and FBN Holdings transacted 23.002 million shares valued at N84.64 million.