Market capitalisation shed N40b amid confidence crisis

Profit taking persisted on the Nigerian Stock Exchange on Wednesday with the market capitalisation dropping by N49 billion in one day.
The News Agency of Nigeria reports that the market capitalisation lost N49 billion or 0.56 per cent to close at N8.742 trillion against N8.791 trillion posted on Tuesday.
The loss was due to sale pressure by investors to take care of their basic needs.
Also, the All-Share Index, which opened trading for the day at 25,406.72, dipped 139.04 points or 0.55 per cent to close at 25,267.68.
Ambrose Omordion, the Chief Operating Officer, InvestData Limited, attributed the lull in the market to liquidity crisis, lack of confidence and end of the month rebalancing.
Omordion said most traders were offloading to rebalance their accounts for the month of March and to prepare for second quarter of 2017.
Mobil Oil topped the losers’ chart for the day, shedding N2.25 to close at N295 per share.
Unilever trailed with a loss of N1.90 to close at N32 and Oando shed 25k to close at N4.83 per share.
Custodian and Allied Insurance declined by 15k to close at N3.21, while FCMB Group depreciated by 8k to close at N1.17 per share.
Conversely, Total led the gainers’ table growing by N9.98 to close at N269.98 per share.
Forte Oil followed with a gain of N2 to close at N47, while Guinness appreciated by 73k to close at N68.80 per share.
Transcorp Hotel garnered 46k to close at N5.04 and UACN increased by 31k kobo to close at N13.30 per share.
Custodian and Allied Insurance led the activity chart with an exchange of 284.54 million shares worth N954.88 million.
Continental Reinsurance followed with 250.71 million shares valued at N413.25 million and Diamond Bank transacted 127.28 million shares worth N105.25 million.
United Bank for Africa sold 21.57 million shares valued at N120. 66 million and FBN Holdings exchanged 12.57 million shares worth N38.61 million.
NAN reports that a total of 771.66 million shares valued at N2.62 billion were transacted by investors in 2,703 deals, as against 916.26 million shares worth N2.41 billion traded in 3,342 deals on Tuesday.