Stock Investors Begin Week With N36bn Loss

By Dipo Olowookere

Trading resumed on the floor of the Nigerian Stock Exchange (NSE) on Monday on a negative note as a result of selloffs by investors.

This led a loss of N36 billion in the market capitalisation, which closed at N11.576 trillion against N11.612 trillion it ended last Friday.

Investors had hoped for the positive sentiment recorded last Friday to spill over to Monday, but that was never the case. Instead, the market finished 0.31 percent lower, raising the year-to-date loss to 1.24 percent and reducing the All-Share Index (ASI) by 97.03 points to 31,042.32 points from 31,139.35 points.

It was observed that the volume of shares exchanged among investors yesterday reduced by 27.03 percent to 168.7 million from 231.2 million, though the value increased by 43.37 percent to N3.8 billion from N2.6 billion.

The rise in the value of shares traded by as a result of the 47 million units of GTBank shares sold for N1.8 billion.

Zenith Bank exchanged 28.6 million shares for N627.6 million, while Access Bank traded 18.5 million equities worth N122 million.

FBN Holdings recorded a turnover of 16.4 million shares valued at N134.4 million, while UBA traded 8.1 million units of its stock worth N62.9 million.

Business Post reports that the market recorded a total of 19 price losers and 12 price gainers on Monday.

Mobil Oil Nigeria emerged as the day’s highest price loser after recording a loss of N3 to settle at N167 per share.

Nestle Nigeria depreciated by N2 to end at N1498 per unit, while Dangote Cement declined by N1.20k to finish at N188.50k per share.

NASCON dropped N1 at the market yesterday to close at N19 per share, while CCNN went down by 90 kobo to close at N20 per share.

On the price gainers’ log, Stanbic IBTC registered itself on top with N3 added to its share value to close at N48.50k per share.

Red Star Express, which followed, appreciated by 50 kobo to end at N5.50k per unit, while Union Bank rose by 20 kobo to close at N7.05k per share.

University Press recorded a price appreciation of 15 kobo on Monday to quote at N2 per share, while Dangote Sugar printed a 10 kobo growth to close at N14.10k per share.