Transactions on the floor of the Nigerian Stock Exchange closed on a downward note yesterday, as major highly capitalized stocks depreciated in price causing market capitalization to plunge by N19 billion.
Yesterday, the All -share index (ASI) shed 55.33 points, representing a decline of 0.15 per cent to close at 36,776.60 points from 36,831.93 posted on Monday.Similarly, the market capitalisation shed N19 billion, to close at N12.659 trillion from N12.678 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Wapco, Nigerian Breweries, CI Leasing, FBN Holdings and Diamond Bank.
Analysts at APT Securities and Funds Limited noted that, "given the inevitability of stock market cycles, we advise investors to take a disciplined approach in managing their shares so as to curtail their losses."
On the price movement chart, CI Leasing led the losers' table by 9.38 per cent to close at N1.74 per share. Paints and Coatings Manufacturers trailed with a loss of 4.84 per cent to close at 59 kobo, while Diamond Bank went down by 4.76 per cent to close at N1 per share.
Law Union declined by 4.49 per cent to close at 85 kobo, while WAPCO shed by 4.20 per cent to close at N54.50 per share.Cement Company of Northern Nigeria (CCNN) led the gainers table by 10.17 per cent to close at N9.86 per share.
Mansard Insurance followed with a gain of five per cent to close at N2.10, while May and Baker went up by 4.96 per cent to close at N2.96 per share.
Northern Nigeria Flour Mill rose by 4.91 per cent to close at N5.77, while Jaiz Bank gained 4.55 per cent to close at 69 kobo per share.
However, the total volume traded appreciated by 34.72 per cent to 353.19 million shares, valued at N3.26 billion, and exchanged in 4,201 deals. Transactions in the shares of Diamond Bank topped the activity chart with 215.76 million shares valued at N215.73 million. Fidelity Bank followed with 15.01 million shares worth N20.72 million, while FCMB traded 14.59 million shares valued at N15.34 million.Guaranty Trust Bank traded 13.84 million shares worth N580.91 million and Zenith Bank transacted 9.2 million shares valued at N232.56 million.