NSE: Market Opens Week with N74.3b Loss Amid Anti-FG Protests

By Modupe Gbadeyanka

Trading in the Nigerian equity market resumed for the week on Monday, February 6, 2017 on a bearing trend amidst anti-government protests in some cities across the country including Lagos, Abuja and Ibadan.

The stock market extended its bearish run today with major market indices dropping to the red zone.

Popular Nigerian musician, Mr Innocent Idibia, otherwise known as 2Face had called off the proposed anti-government demonstration on Monday, but some group went ahead with the exercise, though it did not record huge turnout as earlier expected.

The protesters are demanding the government to solve the economic crisis rocking the country, which has resulted in rising costs of food of items and others.

Business Post correspondent reports that at the close of trading activities at the market today, the all-share index dropped 215.45 points or 0.83 percent to finish at 25,587.09 points, while the market capitalisation depreciated by N74.3 billion to end at N8.82 billion.

A total of 25 equities recorded losses on the floor of the Nigerian Stock Exchange (NSE) compared with eight stocks that appreciated.

A look into the price movement chart showed Total emerging the most declining stock with a loss of N6 to close at N262 per share.

Dangote Cement came second falling by N2.99k to end at N165.1k per share, while GlaxoSmithKline went down by 75k to emerge third, finishing at N14.25k per share.

PZ came fourth after shedding 67k to close at N12.87k per share and Guinness emerged fifth after losing 28k to finish at N66.22k per share.

However, Nigerian Breweries gained 39k to end at N133.50k per share, leading the top advancing stocks at the market on Monday.

Also, UCAP improved by 17k to end at N3.72k per share, while GTBank advanced by 6k to finish at N23.8k per share.

Similarly, Dnagote Sugar increased by 4k to close at N6.5k per share and Livestock Feeds Plc rose by 3k to finish at 78k per share.

Furthermore, Business Post reports that investors bought and sold 152.4 million shares worth N903.5 million transacted in 2,706 deals.