Blue-chip firms drag market capitalisation by N25bn

Price losses suffered by most blue-chip companies, especially Lafarge Africa, and PZ Cussons Nigeria, dragged equity transactions yesterday, causing market capitalisation to dip further by N25 billion.

At the close of transactions yesterday, market capitalisation depreciated by N25 billion to N20.546 trillion from N20.571 achieved on Friday. Similarly, the All-Share Index (ASI) declined by 48.39 or 0.1 per cent from 39,483.08 to 39,434.69.

On the price movement chart, 21 stocks recorded price appreciation while 11 others constituted the losers’ chart.

WAPCO topped the losers’ chart with 5.29 per cent to close at N21.50 kobo while PZ Cussons followed with 4.17 per cent to close at N5.75 kobo. Union Bank lost 3.81 per cent to close at N5.05 kobo.
Eternaoil shed 2.36 per cent to close at N6.20 kobo. First City Monument Bank depreciated by 2.27 per cent to close at N3.02 kobo. International Breweries dropped by 2.08 per cent to close at N4.70 kobo while Japaul Gold also lost 1.85 per cent to close at 53 kobo.

On the other hand, FTN Cocoa emerged the day’s highest price gainer with 10.00 per cent to close at 44 kobo while PHARMDEKO followed with 9.88 per cent to close at N1.89 kobo. Courtville gained 9.68 per cent to close at 34 kobo while Learn Africa appreciated by 9.30 per cent to close at N1.41 kobo.

NPF Micro Finance Bank added 7.34 per cent to close at N1.90 kobo. Multiverse appreciated by five per cent to close at 21 kobo. Linkage Assurance also gained five kobo to close at 63 kobo.

Vetiva Dealing and Brokerage said: “The market witnessed some profit-taking activities in some mid/large cap names, hence the negative close to start the week. We anticipate continued positive patronage in some penny stocks with the expectation of market closing the session mixed.”

The total volume of trades declined by 32.2 per cent to 211.327 billion units, valued at N2.029 billion, and exchanged in 3,939 deals.

Transactions in the shares of Chams Plc topped the activity chart with 47.953 million shares valued at N10.572 million. GTCO followed with 20.936 million shares worth N586.123 million, while Honeywell Flour Mills traded 14.554 million shares valued at N45.128 million.

Courteville Business Solutions traded 13.023 million shares valued at N4.340 million, while Wema Bank transacted 10.340 million shares worth N8.973 million.