266.505 million shares valued at N4.04 billion were traded in 2,263 deals on the Nigerian Stock Exchange (NSE) on Thursday, 38.88 per cent higher than the previous day. 239.906 million shares valued at N2.93 billion were traded in 4,371 deals on Wednesday.
Market capitalisation of the Exchange shed N43 billion to close at N12.24 trillion. This represents 0.35 per cent drop from N12.28 trillion recorded on Wednesday. The All-Share Index which opened at 35,629.13 lost 124.51 basis points to close at 35,504.62.
Analysts at Cordros Capital, a Lagos-based investment firm, said that the drop in market capitalisation was caused by the absence of essential activities to spur the market.
“Activity in the market broadly reflects the absence of fundamental stimulus with Q2 earnings season now over,” Cordros said in a weekly economic and market report released on Thursday. “We believe market movement will be driven by developments in the local economy, with intense volatility in the weeks ahead.”
Nigerian Breweries led the losers’ chart for the day, shedding N4.97 to close at N180.03 per share. Stanbic IBTC followed, depreciating by N1.73 to close at N38.27, while Julius Berger dropped N1.71 to close at N32.49 per share.
Cadbury dipped by 6k to close at N11.47, while SCOA depreciated by 17k to close at N3.25 per share.
Seplat topped the gainers’ table with N8.5 to close at N490.5 per share, trailed by Total Oil which gained N2 to close at N245 per share.
Guinness gained 5 kobo to close at N75.5, while Dangote Cement appreciated by 48 kobo to close at N205. PZ Cussons rose by 41 kobo to close at N27.3 per share.
Sovereign Insurance was the toast of investors as the 100.01 million of its shares worth N50 million was sold during the day.
FBN Holdings came second, trading 26.43 million shares worth N150.50 million, while Access Bank sold 23.14 million shares valued at N223.46 million.
UBA traded 20.55 million shares worth N187.28 million, while Zenith Bank sold 10.30 million valued at N235.68 million.
