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Nigerian Stock Exchange market capitalisation loses N120bn, amid sell pressure



Nigerian Stocks Continues To Experience Sharp Declines As Investors Take Profit

Trading opened on the Nigerian Stock Exchange (NSE) for the week on Monday on a negative note with the market capitalisation shedding N120 billion amid profit taking.

The market capitalisation which opened at N13.672 trillion, lost N120 billion or 0.89 per cent to close at N13.913 trillion following price loses.

Similarly, the All-Share Index dipped 343.54 points or 0.89 per cent to close at 38,913.99 compared to 39,257.53 achieved on Friday.

An analysis of the price movement table showed that Dangote Cement recorded the highest loss to lead the losers’ table, shedding N4.10 to close at N240.90 per share.

Nigerian Breweries trailed with a loss of N2 to close at N143, while Unilever was down by N1.11 to close at N40.50 per share.

Stanbic IBTC lost N1 to close at N42, while Presco 89k to close at N68.41 per share.

Conversely, Nestle led the gainers’ table, growing by N49.92 to close at N1,460 per share.

Mobil Oil followed with a gain of N15.14 to close at N174.96, while Total appreciated by N1.99 to close at N230 per share.

National Salt Company Nigeria gained 89k to close at N18.74, while Dangote Sugar increased by 66k to close at N20.69 per share.

FBN Holdings was the most active, trading 61.27 million shares worth N553.14 million.

Zenith International Bank followed with an account of 35.32 million shares valued at N928.74 million, while Diamond Bank exchanged 34.08 million shares worth N 47.58 million.

Transcorp accounted for 30.33 million shares worth N43.51 million and Access Bank traded 29.66 million shares valued at N344.52 million.

In all, the volume of shares closed lower as investors bought and sold 350.59 million shares worth N4.91 billion exchanged in 4,884 deals.

This was against the 530.08 million shares valued at N5.12 billion traded in 5,066 deals on Friday.