The Nigerian Stock Exchange Market (NSE) lost N201 billion in five hours of trading on Tuesday.
Market capitalisation on the bourse, which had hit the N13 trillion mark on Wednesday for the first time since October 2014, had closed at N13.08 trillion on Monday.
By the end of the morning session on Tuesday, the market had lost N78 billion to stand at 13,001,850,177,502.
As of 1pm on Tuesday, market capitalisation had fallen below the N13 trillion mark to stand at N12,879,116,862,686.
Seplat topped the gainers chart gaining N2 per share to close at N482. Conoil gained N1.3 to close at N33.89 per share.
Glaxosmith and Berger gained N1 and N0.34 respectively to close at N21 and N7.14 per share. Unilever gained N0.13 to close at N45.63 per share as against N45.5.
Dangcem topped the decliners losing N10 to close at N225 as against the previous close of N235. Other companies on the decliners’ chart are Nigerian Breweries, WAPCO, Forte Oil and Stanbic IBTC.
Market capitalisation on Tuesday closed at N12,786,186,982,538 losing N294,475,901,576.
“The committee noted the improvements in the equities segment of the capital market as the All-Share Index (ASI) rose by 33.33% from 25,516.34 on March 31, 2017, to 34,020.37 on July 21, 2017,” Emefiele had said while announcing the CBN monetary policy committee decision.
“Similarly, market capitalization rose by 32.84 per cent from N8.83 trillion to N11.73 trillion during the same period. Relative to end-December 2016, capital market indices rose by 26.59 and 26.81 percent, respectively, reflecting growing investor confidence due to improvements in foreign exchange management.
“The committee however, noted the seeming bubble in the capital market and cautioned on the utilization of the inflows.”
H/T: TheCable
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