Major equities on Wednesday at the Nigerian Stock Exchange (NSE) recorded huge depreciation with the market capitalisation consequently dropping by N317 billion at the sound of the closing bell.
NAN reports that the market capitalisation, which opened at N9.664 trillion, dipped N317 billion or 3.28 per cent to close at N9.347 trillion.
Similarly, the All-Share Index lost 921.36 points or 3.28 per cent to close at 27,180.78 compared with 28,102.14 recorded on Tuesday.
Market watchers attributed the persistent downward trend to massive profit taking embarked upon by investors.
An analysis of the price movement chart indicated that Dangote Cement recorded the highest price loss to lead the losers’ table, dropping by N16.57 to close at N153.43 per share.
Nigerian Breweries trailed with a loss of N6.74 to close at N116, while PZ Industries shed 71k to close at N23.71 per share.
Union Homes went down by 47k to close at N4.50, while UBN declined by 34k to close at N6.56 per share.
On the other hand, Lafarge Africa led the gainers’ table, growing by N8.99 to close at N105 per share.
7UP followed with N6.89 to close at N188.89, while Berger Paint increased by 50k to close at N10.50 per share.
Port Land Paints and Products appreciated by 18k to close at N3.74 and NAHCO rose also by 18k to close at N3.78 per share.
FCMB Group was the most traded equity with a turnover of 50.89 million shares worth N81.48 million transacted in 53 deals.
Access Bank trailed with an exchange of 21.62 million shares valued N104.40 million achieved in 158 deals, while Zenith Bank sold 19.93 million shares worth N276.33 million traded in 466 deals.
FBN Holdings transacted 19.71 million shares valued N91.27 million in 275 deals and investors staked N263.69 million on 14.65 million shares of GT Bank, exchanged in 322 deals.
In all, a total of 202.72 million shares valued N1.48 billion were traded by investors in 3,012 deals.
NAN reports that this was against 195.97 million shares worth N1.89 billion achieved in 2,975 deals on Tuesday.
CBN to sell $10,000 each to BDCs as Naira gains strength
The Central Bank of Nigeria (CBN) has said it will be selling $10,000 each to the 2,699 licensed BDCs at the first dollar sales of the year today, Wednesday even as the value of the naira strengthened to N262 to the dollar.
The naira sold at N265 Tuesday but gained value selling at N262 as demand for forex dropped. Meanwhile the acting President of the Association of Bureau de Change Operators of Nigeria (ABCON) said its members have begun to pay up the N250,000 renewal fee.
CBN Director, Corporate Communications, Alhaji Ibrahim Mu’azu has confirmed that there would be dollar sales to BDCs, contrary to reports that the apex bank will stop sales of foreign exchange to BDCs.
The apex bank last week published the list of 2,699 BDCs whose licenses have been confirmed having introduced the new requirements in a bid to correct observed deficiencies in the operation of BDCs in the country.
CBN had reviewed the mandatory cautionary deposit for BDCs to N35 million, while the application fee was raised to N100,000, the licensing fee to N1 million, the annual renewal fee for the forex dealers was also increased to N250,000.
Last month, CBN published revised guidelines for the operations of BDCs which ordered BDCs to close all branches within 90 days, saying branch operations is no longer allowed in the subsector.
-Leadership/NAN
