Investors Pull Out N222bn from Stock Market on Monday

By Dipo Olowookere

The sum of N222 billion was lost by the Nigerian Stock Exchange (NSE) on Monday, no thanks to profit takers, who embarked on sell offs.

The local bourse depreciated on the first trading day of the week by 2.02 percent, expanding the year-to-date loss to 23.00 percent after the All-Share Index (ASI) reduced by 425.24 points to 20,669.38 points from 21,094.62 points. In the same vein, the market capitalisation decreased by N222 billion to N10.772 trillion from N10.994 trillion.

Business Post reports that the activity level was green yesterday as the volume, value and number of deals recorded yesterday increased by 42.98 percent, 38.60 percent and 4.91 percent respectively.

Investors traded 336.4 million stocks worth N4.1 billion in 4,184 deals on Monday in contrast to the 235.3 million equities worth N3.0 billion transacted in 3,988 deals last Friday.

FBN Holdings was the most active stock by volume yesterday, trading 98.6 million units valued at N393.4 million.

GTBank exchanged 55.7 million shares worth N1.0 billion, Zenith Bank transacted 32.5 million for N392.8 million, FCMB traded 27.2 million shares worth N40.6 million, while Fidelity Bank transacted 23.6 million stocks for N41.8 million.

An analysis of the price movement chart indicated that Seplat was the heaviest price loser, going down by N54.40 to N490.10 per unit, while Dangote Cement followed with an N8 loss to sell at N117 per share.

BUA Cement decreased by N3.50 to quote at N31.80 per share, BOC Gas depreciated by 40 kobo to settle at N3.65 per unit, while NAHCO depleted by 26 kobo to sell at N2.34 per unit.

At the other side, Flour Mills emerged the highest price gainer, adding N1 to its share value to sell at N21.50 per unit, while Lafarge Africa gained 85 kobo to trade at N9.80 per share.

Access Bank appreciated by 60 kobo to quote at N6.65 per share, GTBank improved by 25 kobo to N17.85 per unit, while Nigerian Breweries garnered 20 kobo to finish at N22.20 per share.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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