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Capitalisation dips by N46 billion amid losses in 27 stocks

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The hike in interest rates impacted negatively on the domestic equities market yesterday market capitalisation declined by N46 billion,

amid sell pressure in 27 stocks with a decline of N46 billion.

The downturn was driven by price depreciation in large and medium-capitalised stocks amongst which are; Zenith Bank, Custodian Investment, Vitafoam Nigeria, United Bank for Africa and John Holts. As measured by market breadth, market sentiment was negative, as 14 stocks gained relative to 27 losers. Ikeja Hotels emerged as the highest price gainer of 7.58 per cent to close at N7.10 kobo.

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