NSE Capitalisation Loses N85bn In Six Hours

The market capitalisation of the Nigerian Stock Exchange (NSE) shed N85 billion in what traders have attributed to profit taking.

Naija News reports that the NSE’s figure is in reaction to the results of the presidential poll.

Naija News understands that the market opened at N12.194 trillion and closed at N12.109 trillion after six hours of trading on Tuesday, February 26.

Also, the All-Share Index lost 226.30 points or 0.69% to close at 32,473.82, compared with 32,700.12 recorded on Monday.

A stockbroker and the chief operating officer, InvestData Limited, Ambrose Omordion attributed the market pullback to profit taking embarked by some smart investors.

“This pullback may not last as a result of 2019 dividend declaration season as dividend yield of financial service stocks are high and attractive due to low prices,” Omordion stated.

Nestle dominated the losers’ chart, dropping by N70 to close at ₦1,510 per share.

Union Bank of Nigeria trailed with a loss of 60k to close at N6.65, while FBN Holdings was down by 30k to close at N8 per share.

Conversely, Guinness led the gainers’ table during the day, gaining N2.05 to close at N67.15 per share.

Dangote Flour followed with a gain of N1 to close at N12.05, while Oando gained 65k to close at N7.25 per share.