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Sanusi’s Suspension: Market Capitalisation Dips By N126bn Over Sell-off Pressure

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IMAGE: Trading session in NSE »



Story:  Olushola Bello


The Nigerian capital market, which opened the week on a positive trend, closed negative as a result of the Central Bank of Nigeria (CBN) governor’s suspension from office.

Market capitalisation of listed equities dipped by N126 billion to close at N12.30 trillion. Similarly, the market index went down by 1.22 per cent or 471.55 points to close at 38,295.74 points.

Analysing the market, analysts from GTI Capital Limited said that the current negative reactions especially from foreign and institutional investors is because of the suspension of CBN governor.

“We expect the sell-off to drop significantly this week as market is expected to see increase in activities with a good buying position for discerning investors judging by the fact that good number of stocks’ prices have dropped so low”.

However, turnover by way of volume traded went up by 263.56 per cent as 6.97 billion shares valued at N24.44 billion were exchanged in 27,633 deals compared with 1.92 billion shares valued at N25.13 billion exchanged in 25,346 deals previous week.

The top three traded equities for the week were Oasis Insurance Plc, Zenith International Bank Plc and Access Bank Plc that accounted for 5.038 billion shares worth N8.227 billion in 3,053 deals, contributing 72.25 per cent and 33.66 per cent to the total equity turnover volume and value respectively.

A review of the sectoral indices revealed that all the indices depreciated except Oil & Gas index; The NSE 30 depreciated by 1.49 per cent, NSE Insurance by 1.30 per cent, Islamic Lotus by 0.99 per cent. The NSE-Consumer Goods index went down by 1.20 per cent, Banking index edged lower by 2.50 per cent and the NSE Industrial Goods index sheds 0.72 per cent. However, the NSE Oil/Gas rose by 1.68 per cent to close at 305.58 while the NSE-ASeM closed flat.

The trading activities summary for the week showed that 17 equities appreciated in prices, 62 equities depreciated in prices, while 118 equities remained unchanged.

Oasis Insurance Plc topped the gainers table with N0.15 kobo to close the week’s trading at N0.65 kobo per share. Africa Prudential Registrars Plc followed by gaining N0.49 kobo per share to close at N3.70 kobo. International Breweries Plc added N2.83 kobo per share to close at N29.45 kobo per share.

International Energy Insurance Company Plc led the price losers table. The company shed N0.15 kobo to close transaction at N0.62 kobo per share. Vitafoam Nigeria Plc dropped by N0.90 kobo to close at N4.10 kobo per share, while Guinness Nigeria Plc shed N32.52 kobo to close at N168.90 kobo per share.

During the week, a total of 641 units of NewGold Exchange Traded Funds (ETFs) valued at N1.343 million and 100 units of FGN bonds valued at N113.29 billion were traded.

Article Credit: Leadership Newspaper

Updated 5 Years ago

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