Stock Market loses N162bn, as All Share Index drops
Figures from the Nigerian Stock Exchange (NSE) show a N162 billion drop in the market capitalisation at the end of trading on Wednesday.
This is as the exchange prepares to host President Goodluck Jonathan to commission the X-Gen trading platform and partake in the Closing Gong Ceremony on Thursday.
With the loss, the market capitalisation closed at N10.3 billion from N10.46 billion, while the All Share Index dropped 486.11 points to close at 30,869.17 from the 31,355.28 recorded on Tuesday.
Top on the loser’s table was Forte Oil with a N10.14 loss on its share to close at N192.86, followed by Nigerian Breweries shedding N7.04 to close at N140.06 per share.
Conversely, Ashaka Cement, the biggest gainer, added 89k to its share price to close at N18.79, while ETI followed with an added 47k to close at N18.30 per share.
A total number of 518,883,361 shares, valued at 3,854,693,692.49, were traded in 5,469 deals.
The x-Gen trading platform, launched by the NSE on September 30, 2013, has been described as the next generation trading platform and catalyst to support the growth of the Nigerian Capital Market.
The platform has the capacity to allow investors to have real time access to the market as well as their portfolios, via the web and mobile phones (including smartphones and tablets running IOS and Android operating systems).
When commissioned by the president, it is expected to improve transparency, market access and audit trail, and provide efficient price discovery in the market.
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