Nigerian Stocks Lose N14b on Budget Signing

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) opened for the new week on Monday on a very bad note, closing with a 0.12 percent loss.

The huge loss suffered by Nestle, as well as 29 other stocks, dragged the market to the red territory on a day the long-awaited 2017 budget was finally signed by the Acting President, Mr Yemi Osinbajo.

Business Post correspondent reports that investors took advantage of the recent positive run of the market to embark on profit-hunting, leading to a N14 billion loss at the close of trading activities on the floor of the NSE today.

Our correspondent further reports that the All-Share Index (ASI) shed 41.4 points to settle at 33,235.28 points, while the market capitalisation dropped N14.3 billion to finish at N11.49 trillion.

In addition, the market breadth close negative with only 19 gainers against 30 losers, while the year-to-date return ended at 23.67 percent.

Nestle emerged the biggest loser today with N40 loss to close at N924 per share, while Total Plc trailed with a fall of N11 to end at N271 per share.

Seven-Up declined by N4.54k to finish at N90 per share, International Breweries depreciated by N2.78k to close at N29.45k per share and Seplat sank by N2.17k to settle at N466.39k per share.

On the flip side, Okomu Oil added N3.3k to close at N63.66k per share, while PZ Cussons advanced by N2.5k to end at N24 per share.

Ashaka Cement progressed by N1.17k to finish at N12.77k per share, Nigerian Breweries appreciated by N1.1k to close at N157.1k per share and Stanbic IBTC chalked up 49k to end at N29.49k per share.