NSE market capitalisation loses N56bn on profit taking

After two successive trading sessions on positive sentiment, the Nigerian Stock Exchange (NSE), on Wednesday, lost N57 billion due to sell pressure on 15 stocks.
The All Share Index (ASI) dipped by 171.28 points or 0.44 per cent to close at 26,339.11 against 26,456.39 on Tuesday.
Similarly, the market capitalisation lost N56 billion to close at N12.822 trillion from the N12.878 trillion achieved on Tuesday.
The downturn was impacted by losses recorded in medium and large capitalised stocks of  Total Nigeria, Dangote Cement, Unilever Nigeria, Guaranty Trust Bank and PZ Cussons Nigeria.
Analysts at Afrinvest Limited said that “As sentiment still remains weak toward the stock market, we maintain our bearish outlook in the absence of catalysts to spur investors’ appetite for equities.”
Market breadth closed negative with 13 gainers against 15 losers.
Ikeja Hotels recorded the highest price appreciation of 9.09 per cent to close at 96k per share.
A.G. Leventis Nigeria and Jaiz Bank followed with a gain 7.14 per cent each to close at 30k and 60k per share,  respectively.
Fidelity Bank improved by 3.83 per cent to close at N1.90, while Access Bank appreciated by 3.14 per cent to close at N9.85 per share.
Conversely, Total Nigeria led the price losers’ chart in percentage terms with 9.98 per cent to close at N110.90 per share.
PZ Cussons followed with a decline of 9.91 per cent to close at N5, while Consolidated Hallmark Insurance dipped by 7.14 to close at 39k per share.
Unilever lost 5.61 per cent to close at N18.50, while Oando shed 3.90 per cent to close at N3.20 per share.
However, the total volume traded increased by 64.80 per cent as 610.58 million shares worth N11.10 billion were traded in 5,031 deals.
This was in contrast to the turnover of 378.35 million shares valued at N7.15 billion achieved in 4,798 deals on Tuesday.
Zenith Bank topped the activity chart with 336.61 million shares worth N5.79 billion.
Access Bank followed with 73.79 million shares worth N714.2 million, while Nigerian Breweries traded 63.84 million shares valued at N3.01 billion.
GTB accounted for 24.25 million shares valued at N695.56 million, while UBA transacted 16.38 million shares worth N110.79 million.