Profit Takers Maintain Grip As NSE Market Cap Drops To N9.7 trn | Independent Newspapers Limited
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Profit Takers Maintain Grip As NSE Market Cap Drops To N9.7 trn

Posted: Jan 6, 2016 at 10:05 am   /   by   /   comments (0)

By Bamidele Ogunwusi

The Nigerian bourse closed in the red for the second trading day of the year on Tuesday when the All Share Index   settled at 28,102.14 points, losing a further 94 basis points from Monday’s close.

Consequently, market capitalisation was down to N9.7 trillion as large market cap stocks from the Consumer Goods sector largely contributed to the market negative close.

Diverging from market sentiments, market activity measured by value and volume traded increased by 170.1per cent and 98.0 per cent to settle at N1.8 billion and 196.0 million units respectively.

15 stocks appreciated in comparison to 28 declines.

The  four major sectors saw negative returns, from losses across board through large market cap stocks. The Consumer Services sector saw major losses as it returned -2.6 per cent on the back of broad base losses seen in Nigerian Breweries (-5.0%), PZ  Cussons (-4.98%), Nestle Nigeria (-1.2%) and another brewery major, Guinness Nigeria (-0.5%).

However, regardless of the gains of 2.1% and 5.0% in Access Bank and Ecobank Transnational Incorporated,  the financial services sector also saw losses driven by Stanbic IBTC(-9.26%), FBN Holdings (-4.7%) and Zenith Bank (-2.8%).

Share price deprivation in Eterna Oil (-4.6%) and Oando’s (-0.2%) contributed to the Oil and Gas sectors -0.4% return. In a similar vein, the Industrial Goods sector returned -0.1% owing to a 0.8% decrease in WAPCO’s share price.