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Capitalisation down by N59bn

By Chinyere Joel-Nwokeoma

Activities on the Nigerian Stock Exchange (NSE) on Thursday, remained on a negative note due to unimpressive third quarter result declared by some companies.

The News Agency of Nigeria (NSE) reports that the market capitalisation slipped further by N59 billion or 0.61 per cent to close at N9.567 trillion against N9.626 trillion achieved on Wednesday.

Also, the All-Share Index which opened at 28,027.23 lost 172.45 points or 0.61 per cent to close at 27,854.78, amid price loses by some blue chips.

Mr Ambrose Omordion attributed the development to third quarter result released by Forte Oil which was below investors’ expectations.

Omordion said that the loss was due to investors’ reaction to mixed performance posted by the company for third quarter ended Sept. 30, 2016.

He said that the mixed performance was below market estimate.

NAN reports that the company during the period posted revenue of N121.08 billion against N91.62 billion achieved in the corresponding period of 2015.

Its profit after tax was down at N2.80 billion against N4.28 billion in 2015.

The company’s Earnings per share dropped to 2.13k compared with 4.28k posted in 2015.

Consequently, the company topped the losers’ chart, dropping by N7.69 to close at N152 per share.

It was followed by 7UP with a loss of N3.50 to close at N154.50, while Lafarge Africa dipped N1.21 to close at N45.60 per share.

GT Bank dropped N1.14 to close at N22.86 and PZ Industries declined by 64k to close at N18 per share.

On the other hand, Nigerian Breweries led the gainers’ table, growing N1.22 to close at N149.20 per share.

Mobil followed with a gain of N1 to close at N186 and Guinness gained 32k to close at N80.06 per share.

Dangote Sugar appreciated by 18k to close at N6.80, NAHCO grew by 13k to close at N3.30 per share.

In spite of the drop posted by the market indicators, the volume of shares traded closed higher with an exchange of 380.75 million shares valued at N1.83 billion transacted in 2,954 deals.

This was against the 155.58 million shares worth N1.43 billion exchanged in 3,277 deals on Wednesday.

NAN reports that Access Bank was the most active as investors staked N886.94 million on 158.10 million shares.

Diamond Bank came second on the activity chart having accounted for 79.56 million shares valued at N9.58 million, while Fidelity Bank exchanged 28.81 million shares worth N24.53 million.

FBN Holdings traded 19.40 million shares valued at N58.41 million and Transcorp sold 12.85 million shares worth N12.94 million.

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