Investors lose N228bn as stocks open week negatively

After a 0.44 per cent rise on Friday, equities on the Nigerian Stock Exchange fell on Monday with the market capitalisation of the listed equities declining by N228bn or 2.22 per cent to N10.13tn.

The NSE All-Share Index also fell by 2.22 per cent, or 664.2 basis points, to close at 29, 214.13 basis points in contrast to the 0.44 per cent rise that lifted the ASI from 29,747.57 basis points to 29,878.33 basis points on Friday.

Friday’s rise had come after two sessions of losses and on Monday, selling pressure once again outweighed bargain hunting with only one of the NSE’s sectoral indices rising.

The NSE Banking Index depreciated the most, declining by 3.22 per cent from 295.07 basis points to 285.58 basis points.

The NSE 30 Index, which tracks the performance of the 30 most capitalised stocks on the Exchange, fell by 2.09 per cent to 1,317.24 basis points, while the NSE Lotus Islamic Index and the NSE Industrial Index were down by 1.94 per cent and 1.9 per cent to close at 2,122.41 basis points and 2,188.23 basis points, respectively.

The NSE Pension Index fell by 1.8 per cent from 878.07 basis points to 862.18 basis points, while the NSE Insurance Index and the NSE Consumer Goods Index declined by 1.63 per cent and 1.17 per cent to close at 131.43 basis points and 744.00 basis points in that order.

The NSE Oil and Gas Index appreciated by 0.53 per cent from 334.35 basis points to 336.13 basis points, while the NSE Alternative Securities Market Index closed unchanged at 1,207.64 basis points.

Only nine stocks recorded price appreciation on Monday, led by Paints and Coatings Manufacturers Nigeria Plc, which gained 9.09 per cent or 10 kobo to close at N1.20 per share.

Wema Bank Plc and Flour Mills of Nigeria Plc followed with an 8.75 per cent and 4.99 per cent appreciation, which saw them close at 87 kobo and N26.32 per share in that order.

Also up were Forte Oil Plc and Dangote Flour Mills Plc, which gained 4.55 per cent and 1.05 per cent to close at N239.10 and N2.90 per share, respectively.

PZ Cussons Nigeria Plc led the losers, shedding 9.72 per cent or N2.90 to close at 26.93 per share.

It was followed by Vono Products Plc, which declined by 8.79 per cent or eight kobo to close at 83 kobo per share, while Transnational Corporation of Nigeria Plc fell by 7.20 per cent or 17 kobo to close at N2.19 per share.

Seplat Petroleum Development Company Plc, Red Star Express Plc and AG Leventis Plc declined by five per cent each to close at N233.04, N3.80 and 95 kobo per share in that order.

Investors exchanged a total of 257.737 million share valued at N2.775bn in 4,247 deals on Monday, compared to 345.730 million shares worth N4.948bn, which were traded in 4,443 deals on Friday.

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Source : Punch

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