FIRST Bank of Nigeria Plc recorded an increase in market capitalisation of 0.4 per cent from N406.1 billion to N407.54 billion to retain the status of the most capitalized listed equity. Also, Nigerian Breweries Plc retained the second position with a 1 per cent increase in market capitalisation from N397.03billion to N401 billion. Similarly, Zenith Bank Plc retained the third position with 4.1 per cent rise in market capitalization from N328.3billion to N341.6billion. Guaranty Trust Bank Plc and UBA Plc retained the fourth and fifth ranks. The former recorded a rise in market capitalisation of 1.4 per cent while the latter suffered a decline of 2.7 per cent.
The top five equities with market capitalisation of N1.67 trillion accounted for 33.5 per cent of equity market capitalisation (down from N1.65trillion) were dominated by the banks with four representatives. The Breweries sub-sector had one representative in the top five. Also, the top 10 equities accounted for N2.51 trillion (down from N2.5 trillion) and accounted for 50.24 per cent of the equity market capitalisation, up from 49.64 per cent in November.
During the month, there was no new entrant into the top 20 table. Eleven of the top 20 companies recorded increases in market capitalisation while seven suffered declines in market capitalisation. Two equities Oando Plc and Benue Cement Company Plc did not record a change in the closing market capitalisation. The market capitalisation of the top 20 companies totaled N3.5 trillion, representing 69.5 per cent of the equity market capitalisation, 49.4 per cent of the total market capitalisation and up by 0.7 per cent from the N3.44 trillion of the preceding month.
The combined share of market capitalisation of Federal Government Bonds, State Government Bonds, Preference Shares and Industrial Loans stood at N2.04 trillion or 29 per cent of the total market capitalisation. Specifically, the share of FGN Bonds stood at 27.45 per cent.
However, the stock market recorded a negative monthly return of 3.73 per cent on dividend-adjusted basis, a reversal of the positive monthly return of 0.35 per cent in November.
 The annual return was negative at 40.7 per cent. During December, eight sub-sectors recorded positive returns of between 0.0014 per cent and 9 per cent compared to 3 sub-sectors that recorded positive returns of between 0.75 per cent and 5.3 per cent in the preceding month. Also, 23 sub-sectors recorded negative returns of between 0.97 per cent and 25.7 per cent compared to 28 sub-sectors that recorded negative returns of between 0.42 per cent and 19.1 per cent in November.
Thirty-nine equities recorded positive returns of between 0.07 per cent and 48.04 per cent compared to 33 equities that recorded positive returns of between 0.3 per cent and 27.34 per cent in November. 107 equities recorded negative returns of 0.08 per cent and 33.15 per cent compared to 109 equities that recorded negative returns of between 0.55 per cent and 52.74 per cent in November.
By year-end, only one sub-sector building materials recorded positive return. The other sub-sectors recorded zero or negative return of between 1.25 per cent and 76.74 per cent. Also, 25 equities recorded positive cumulative return of between 0.5 per cent and 184.6 per cent while 158 equities recorded negative 12-month average return of between 0.03 per cent and 93.82 per cent. The tables below provide additional information on stock market returns on dividend-adjusted basis in 2009.