NSE Sustains Downward Trend As Market Capitalization Loses N119bn

Posted by Lolade on Thu 09th Jul, 2015 - tori.ng

The downward trend on the Nigerian bourse continued yesterday as market capitalization shed N119billion.

Trading activities on the floor of the Nigerian Stock Exchange, continued its southward movement as selling pressure cost market capitalization N119 billion on Wednesday, July 8.

The All Share Index indicated average day-on-day plunge of 1.08 per cent to close lower at 32,031.73 points as against its opening index of 32,380.26 points.

Aggregate market value of all quoted companies on the Nigerian Stock Exchange (NSE) slipped below the N11 trillion mark, dropping from its opening value of N11.054 trillion to close at N10.935 trillion.

For the sixth consecutive trading session, quoted equities continued to struggle with selling pressure, with investors opting for discounted prices to match underpriced bids that resulted from continuing low demand.

On the positive side, Ashaka Cement recorded the highest gain of N1.05 to close at N22.15. UACN Property Development Company added 20 kobo to close at N10.40 while Custodian and Allied gathered 19 kobo to close at N4.09 per share. Dangote Cement, the market’s most capitalised stock, led 30 other stocks on the losers’ list with a loss of N4 to close at N168.

Forte Oil followed with a loss of N3.02 to close at N194.98. Seven-Up Bottling Company dropped by N2.40 to close at N191.60. Beta Glass declined by N1.80 to close at N34.20. Seplat Petroleum Development Company lost N1.05 to close at N335. Stanbic IBTC Holdings dwindled by N1 to close at N24.75. Oando dropped by 74 kobo to close at N14.31. Ecobank Transnational Incorporated and

GlaxoSmithKline Consumer Nigeria lost 50 kobo each to close at N21.50 and N43.50 respectively while Okomu Oil Palm slipped by 49 kobo to close at N28.50.