NGX reverses gains as capitalisation dips by N35 billion

Trading activities on the floor of Nigerian Exchange Limited halted gains to close on a downturn yesterday, causing market capitalisation to decline by N35 billion.Trading activities on the floor of Nigerian Exchange Limited halted gains to close on a downturn yesterday, causing market capitalisation to decline by N35 billion. At the close of transactions yesterday, market capitalisation of listed equities declined by 0.06 per cent to N56.469 trillion from N56.

On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “WTD loss currently at 2.41 per cent, with the banking sector accounting for majority of this week’s bearish performance. We expect another negative weekly close, amid slow recovery.” Transactions in the shares of AccessCorp led market activities with 43.979 million shares valued at N766.170 million, GTCO Plc followed with account of 32.790 million shares worth N1.141 billion. United Bank for Africa traded 28.445 million shares cost N649.954 million, Transnational Corporation of Nigeria exchanged 22.007 million shares valued at N795.983 million.Before flagging, please keep in mind that Disqus does not moderate communities.

Worried by the dwindling oil production and the need to drive investments in the nation’s oil and gas sector, the Federal Government, through the Minister of State for Petroleum Resources , Heineken Lokpobiri, has underscored the imperative of ramping up production as a pivotal strategy to ensure stability in the midstream and downstream sectors of the industry.

Though it does not have the power to regulate prices, the Federal Competition and Consumer Protection Commission will deploy an existing legal framework to enforce fair competition and consumer protection provisions to achieve fair prices of commodities.

Source: News Formal (newsformal.com)

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