Sell pressure: NSE’s capitalisation drops to N10trn mark

Investors’ networth on the Nigerian Stock Exchange (NSE) dipped further by N291 billion on Wednesday, just as the market capitalisation fell to the N10 trillion mark.
The market capitalisation lost N291 billion or 2.33 per cent to close at N10.939 trillion compared with N11.200 trillion on Tuesday.
Also, the All-Share Index which opened at 30,036.15 shed 699.35 points or 2.33 per cent to close lower at 29,336.80, amid Dangote Cement loss.
Specifically, Dangote Cement recorded the highest loss, shedding N16 to close at N170 per share.
It was trailed by Guaranty Trust Bank with a drop of 70k to close at N31.30, while Eterna dropped by 40k to close at N3.95 per share.
Custodian and Allied Insurance dipped by 35k to close at N5.60, while Access Bank also dropped 35k to close at N5.50 per share.
On the other hand, Unilever led the gainers’ table, increasing by N3.25 to close at N37 per share.
Julius Berger followed with a gain of N2.35 to close at N25.85, while Flour Mills Nigeria increased by 85k to close at N18.85 per share.
Zenith Bank added 70k to close at N21, while Mobil Oil grew by 40k to close at N184 per share.
In the same vein, the volume of shares transacted dipped by 8.52 per cent as investors bought and sold 234.89 billion shares valued at N2.25 billion in 2,806 deals.
This was in contrast with 216.45 million shares worth N2.67 billion achieved in 4,508 deals on Tuesday.
Specifically, Diamond Bank drove the activity chart with an exchange of 54.67 million shares valued at N103.94 million.
Guaranty Trust Bank followed with an account of 27.68 million shares worth N865.70 million, while Zenith Bank traded 25.82 million shares valued at N526.34 million.
FBN Holdings exchanged 21.52 million shares worth N152.10 million, while Transcorp sold 15.48 million shares valued at N17.95 million.