Economy

NSE market capitalisation loses N220bn

NSE: Guinness dominates losers’ chart as Market Capitalization loses N130bn
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Written by Maritime First

…As IAEA partners Nigeria to promote safe water***

Trading on the Nigerian Stock Exchange (NSE) sustained negative for the four consecutive days with the market capitalisation declining by N220 billion.

Specifically, the market capitalisation of listed equities on Thursday dipped N220 billion or 1.89 per cent to N11.394 trillion from N11.614 trillion posted on Wednesday.

The NSE All-Share Index dropped also by 588.14 basis points or 1.89 per cent to 30,557.20 from 31,145.34 achieved on Wednesday

Also, investors traded 349.31 million shares valued at N3.49 billion exchanged in 4,228 deals.

This was in contrast with 249.54 million shares worth N3.12 billion achieved in 4,018 deals on Wednesday.

An analysis of the transactions indicated that Vitafoam led the gainers’ table during the day, gaining 30k to close at N4.80 per share.

CAP followed with a gain of 25k to close at N31.75, while Learn Africa appreciated by 11k to close at N1.37 per share.

Union Bank of Nigeria added 5k to close at N6.25, while Sterling Bank increased by 4k to close at N2.39 per share.

On the other hand, Dangote Cement recorded the highest loss, dropping by N4 to close at N190 per share.

Nigerian Breweries trailed with a loss of N4 to close at N74, while Julius Berger dropped by N2 to close at N26 per share.

Stanbic IBTC depreciated by N1.80 to close at N45.20, while Unilever went down by N1.55 to close at N35 per share.

The trading result, however, showed that United Bank for Africa was the investors delight, exchanging 123.71 million shares worth N859.28 million.

Transcorp followed with an account of 33.21 million shares valued at N41.52 million, while Custodian and investment traded 32.91 million shares worth N204.03 million.

Zenith Bank exchanged 27.59 million shares worth N633.29 million, while FBN Holdings traded 19.83 million shares valued at N145.79 million. 

Meanwhile, the International Atomic Energy Agency (IAEA) has pledged to partner with Nigeria to promote safe water through its scientific methodology known as Radioisotope Tracers.

IAEA made the pledge at the conclusion of the technical section of a two-day stakeholders’ workshop organised by the Nigeria Hydrological Services Agency (NIHSA) in collaboration with the IAEA experts.

The workshop held in Abuja on Thursday, is to examine the groundwater resources in the country.

The IAEA’s role in water sector is to assess the sustainable allocation of water resources through a required scientific knowledge of water availability and quality.

The IAEA experts report issued after the workshop called for  moving away from business-as-usual, to realise the opportunity for a more structured, comprehensive and collaborative process for integrating isotopes technology to increase water availability.

The experts revealed that there were some gaps in the nation’s aquifer due to proliferation of boreholes and the involvement of quacks in extractions of water resources indiscriminately across the country.

They said that the process had caused some parts of the country to have shortages in groundwater resources.

Mr Clement Nze, the Director-General of NIHSA, said that the rate of extraction of groundwater resources in Nigeria had become alarming, hence the need to engage international experts for critical examination.

Nze said that the initiative would prevent the country from running into water crisis in future.

The aim of the event was to carry out analysis to ascertain the level of groundwater by engaging the IAEA experts, having examined lapses in the country’s groundwater resources.

NIHSA and IAEA, therefore, sought the need to strengthen the capacity to conduct comprehensive water resource assessment in order to revamp the groundwater resources in Nigeria.

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Maritime First