Nigerian Stock Market Shrinks by 0.42%, Investors Lose N38b

By Modupe Gbadeyanka

Activities resumed on the floor of the Nigerian Stock Exchange (NSE) on Monday with high expectations from the gains recorded at the market last Friday.

However, 19 equities led by Dangote Cement crashed at the market by 0.42 percent, making investors lose a total of N38 billion.

Business Post reports that the all-share index contracted by 111.04 absolute points to close at 26,217.18 points, while the market capitalisation went down by N38 billion to finish at N9.02 trillion.

AIICO Insurance Plc performed well on the floor of the NSE today transacting a total of 56.8 million shares valued at N34 million executed in 25 deals.

It was closely followed by Transcorp, which traded 16.1 million units worth N12.6 million in 58 deals and UBA, which exchanged 7.8 million shares at N39 million and performed in 169 deals.

In all, investors bought and sold a total of 143.5 million shares executed in 2,139 deals valued at N756 million.

An analysis of the price movement chart showed 7up recording the highest gain at the market on Monday with a gain of N5.40k to close at N113.40k per share, while Forte Oil went up by N2.12k to finish at N74 per share.

Also, Eterna Oil and Gas rose by 14k to end at N3.62k per share, Okomu Oil improved by 8k to close at N44.18k per share and First Bank advanced by 6k to finish at N3.50k per share.

However, Dangote Cement fell by N1.1k to close at N166 per share, GTBank sank by 38k to end at N23.97k per share and Oando depreciated by 24k to finish at N4.90k per share.

In the same vein, Stanbic lost 18k to close at N17.30k per share, while UBA declined by 14k to end at N4.98k per share.