Stock Market Crashes 0.18% as Labour Paralyses Economy

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited depreciated by 0.18 per cent on Monday, reversing the gains recorded in the past few trading sessions.

The stock market plummeted yesterday following the effectiveness of the nationwide strike embarked upon by organised labour unions to demand a pay rise.

Virtually all sectors of the nation’s economy complied with the directive of the labour leaders to stay away from work. Airports, ports, schools and others were shut down on the first working day of the week, with aggrieved electricity workers shutting down the national grip, leaving the country in darkness.

This also affected the stock exchange, as traders liquidated some of their shares for essential needs and as a result, pulled down the All-Share Index (ASI) by 181.52 points to 99,118.86 points from 99,300.38 points, and the market capitalisation decreased by N103 billion to N56.070 trillion from N56.173 trillion.

Business Post reports that the banking counter depreciated by 0.84 per cent, the industrial goods space declined by 0.09 per cent, and the consumer goods index contracted by 0.06 per cent, while the insurance sector appreciated by 2.79 per cent, and the energy sector closed flat.

During the session, investors transacted 349.6 million stocks valued at N5.2 billion in 8,082 deals compared with the 434.0 million stocks worth N8.6 billion traded in 8,525 deals last Friday, indicating a fall in the trading volume, value, and the number of deals by 19.45 per cent, 39.54 per cent, and 5.20 per cent, respectively.

Veritas Kapital topped the activity chart after selling 58.0 million equities for N35.9 million, GTCO traded 47.6 million shares valued at N1.9 billion, Access Holdings exchanged 46.3 million stocks for N796.3 million, AIICO Insurance sold 30.7 million equities for N30.8 million, and Regency Alliance transacted 14.6 million shares worth N5.6 million.

eTranzact was the heaviest price loser as it shed 9.82 per cent to close at N5.05, Unity Bank lost 9.80 per cent to sell for N1.38, Jaiz Bank declined by 9.65 per cent to N2.06, McNichols fell by 9.09 per cent to N1.00, and Japaul dropped 4.78 per cent to close at N1.99.

On the flip side, Cornerstone Insurance and Deap Capital gained 10.00 per cent each to close at N2.09, and 44 Kobo apiece, Oando improved by 9.75 per cent to N12.95, Veritas Kapital jumped by 8.47 per cent to 64 Kobo, and RT Briscoe grew by 8.33 per cent to 52 Kobo.