Nigerian Stock Market Sinks Further by N16b

By Modupe Gbadeyanka

Equity market in Nigeria finished on a downward trend on Tuesday just like the previous day with the major indices also closing in red.

Investors today lost N16 billion on stocks at the market with Forte Oil recording the highest price decline after shedding N10.22k on the floor of the Nigerian Stock Exchange.

The all-share index went down by 45.69 points or by 0.17 percent to end at 26,540.87 points, while the market capitalisation depreciated by N15.7 billion to finish at N9.132 trillion.

Forte Oil, which fell by N10.22k, closed at N94.69k per share, while Total slumped by N2.90k to end at N277.10k per share.

Similarly, Unilever relegated by N1.60k to finish at N36 per share, GTBank dropped by 48k to close at N24.80k per share and Okomu Oil collapsed by 21k to end at N39.79k per share.

However, Guinness rose by N2.50k to lead the gainers’ chart closing at N87.50k per share, while Julius Berger went up by N1.83k to end at N38.58k per share.

Also, Lafarge upgraded by N1 to finish at N40 per share, NASCON appreciated by 38k to close at N7.60k per share, while Access Bank jerked up by 13k to finish at N5.69k per share.

Investors traded a total of 248.7 million shares at the market on Tuesday, which were executed in 3,271 deals worth N3.1 billion.