NSE market capitalisation drops by N119bn

The market capitalisation of the Nigerian Stock Exchange (NSE) on Wednesday lost N119 billion due to profit taking embarked upon by investors.
Market capitalisation dropped by 1.08 per cent to close at N10.934 trillion compared with N11.053 trillion posted on Tuesday.
Also, the All-Share Index lost 348.53 points or 1.08 per cent to close at 32,031.73 against 32,380.26 achieved on Tuesday due to huge losses recorded by some highly capitalised equity.
Dangote Cement recorded the highest price lost to lead the losers’ chart, shedding N4 to close at N168 per share.
Forte Oil followed with N3.03k to close at N194.98, while 7UP lost N2.40 to close at N191.60 per share.
Betaglass dropped 18k to close at N34.20 and Seplat depreciated by 13k to close at N335 per share.
On the other hand, Ashaka Cement led the gainers’ table, growing by N1.05 to close at N22.15 per share.
UAC Property trailed with 20k to close at N10.40, while Custodian and Allied Insurance gained 19k to close at N4.09 per share.
Ikeja Hotel increased by 18k to close at N3.83, while Vitafoam grew by 13k to close at N5.88 per share.
Zenith Bank emerged the most traded equity, trading 48.39 million shares worth N920.39 million.
Access Bank came second accounting for 22.21 million shares valued N119.39 million, while FCMB Group sold 17.13 million shares worth N50.91 million.
UBA sold 12.64 million shares valued N51.56 million and Beco Petroleum exchanged 9.89 million shares worth N4.94 million.
In all, investors staked N2.92 billion on 193.97 million shares traded in 3,328 deals.
This was against the 217.13 million shares worth N2.99 billion exchanged in 3,737 deals on Tuesday.