The Nigerian equity market on Friday ended on a negative note with the market capitalisation dropping by N112 billion due to huge losses by some highly-capitalised stocks.
The News Agency of Nigeria (NAN) reports that the market capitalisation which opened at N9.531 trillion shed N112 billion or 1.17 per cent, to close at N9.419 trillion.
Also, the All-Share Index dipped 325.48 points or 1.17 per cent to close at 27,425.86, compared with the 27,751.34 achieved on Thursday.
NAN reports that the market indices lost 2.09 per cent week-on-week.
Market analysts attributed the market development to a reflection of the general weakness in the economy.
They said that the market most of the week traded on a bearish zone, with a strong weak volume on Friday.
NAN reports that Seplat led the losers’ chart with a loss of N12.76, to close at N242.60 per share.
7=Up came second with N6.15 to close at N120.20, while Dangote Cement dipped N3 to close at N180 per share.
Nigerian Breweries dropped N1.97 and Con Oil lost N1.26 to close at N23.96 per share.
Conversely, Total topped the gainers’ table with a gain of N19.42, to close at N242.02 per share.
Mobil followed having gained N8.50 to close at N178.60 and Flour Mill garnered N1.98 to close at N21.98 per share.
International Breweries improved by 62k to close at N19 and Oando chalked up 34k to close at N 5.88 per share.
Also, the volume of shares traded dropped by 34.96 per cent as investors bought and traded 120.84 million shares worth N1.27 billion, transacted in 3,307 deals.
NAN reports that this was in contrast with the 185.78 million shares valued at N1.58 billion, exchanged in 3,320 deals.
International Breweries was the most active, accounting for 17.82 million shares worth N338.55 million.
Transcorp came second with a total of 12.84 million shares valued at N15.49 million and UBA sold 10.85 million shares worth N49.15 million.
Access Bank exchanged 9.28 million shares valued at N51.40 million and FBN Holdings traded 9.03 million shares worth N30.03 million. (NAN)
Source : BusinessDay