By Modupe Gbadeyanka
The stock market could not maintain the positive momentum gained last Friday at the close of activities on the Nigerian Stock Exchange (NSE) today.
The market, which had bounced back from consecutive losses last Friday, recorded a huge slump on Monday with the all-share falling by 226.04 basis points or 0.80 percent to finish at 27,634.99 basis points.
Likewise, the market capitalisation, which ended at N9.569 trillion last week, closed at N9.492 trillion today, indicating a whopping loss of N77.639 billion.
Market analysts informed Business Post that today’s giant slump was primarily caused by price loss recorded by major blue chip stocks.
Forte Oil led the pack with a drop of N7.25k to close at N137.87k per share, while Seplat followed with a plunge of N5.88k to finish at N380 per share.
Nigerian Breweries lost N4.65k to close at N144.5k per share, GlaxoSmithKline shed 91k to end at N17.48k per share and Cadbury depreciated by 78k to close at N14.89k per share.
At the other end, Wema Bank and Africa Prudential Registrars grew by 4k each to finish at 66k and N2.72k per share respectively, while FCMB gained 3k to close at N1.14 per share.
WAPIC added by 2k to finish at 52k per share and NASCON appreciated by 1k to end at N8.1k per share.
Investors rushed the stocks of Law Union and Transcorp today as measured by the volume of their shares traded.
While Law Union sold 100.012 million units valued at N70.008 million, Tanscorp traded 49.561 million shares worth N49.620 million.
Costain traded 32.064 million shares at N16.032 million, First Bank Holdings traded a total of 15.367 million units valued at N46.031 million, while UBA sold 10.123 million shares worth N42.836 million.
At the end of trading today, a total of 255.809 million units of shares were sold in 2,588 deals worth N778.437 million.
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