Investors Lose N125bn as 32 Stocks Fall

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  • Investors Lose N125bn as 32 Stocks Fall

Investors in the nation’s stock market lost N125bn on Monday as 32 stocks led by C&I Leasing Plc took a beating at the end of trading on the floor of the Nigerian Stock Exchange.

The NSE market capitalisation, which closed at N14.859tn last week after falling for four straight days, dropped to N14.734tn on Monday. It fell to N14.820tn on Thursday from N14.930tn on May 4, 2018.

The NSE All-Share Index dipped by 0.84 per cent to close at 40,677.61 basis points on Monday from 41,022.31bps on Friday and 41,218.72bps on May 4.

C&I Leasing saw its share price shed 9.36 per cent to close at N1.55, while First Aluminum Nigeria Plc dropped by 8.89 per cent to close at N0.41 per share.

Japaul Oil & Maritime Services Plc depreciated by 7.50 per cent to close at N0.37 per share; Okomu Oil Palm Plc lost five per cent to close at N85.50 per share, and Oando Plc dropped by 4.91 per cent to close at N7.75 per share.

Other losers were Mansard Insurance Plc, Diamond Bank Plc, Wema Bank Plc, Champion Breweries Plc, Skye Bank Plc, Custodian and Allied Insurance Plc, Equity Assurance Plc, Nestle Nigeria Plc, Jaiz Bank Plc, Transnational Corporation of Nigeria Plc, FBN Holdings Plc, Nigerian Breweries Plc, Unity Bank Plc, Ecobank Transnational Incorporated and Zenith Bank Plc.

Eleven stocks recorded price appreciation on Monday, with Caverton Offshore Support Group Plc leading the pack with a 4.98 per cent rise to close at N2.74 per share.

Sterling Bank Plc gained 3.82 per cent to close at N1.63 per share, while Mutual Benefits Assurance Plc increased by 3.57 per cent to close at N0.29 per share.

FCMB Group Plc appreciated by 3.54 per cent to close at N2.63 per share while Cutix Plc rose by 3.28 per cent to close at N3.15 per share.

On what would shape the Nigerian equity market this week, analysts at Vetiva Capital Management Limited said, “Though the market swung into positive territory at week close, we believe the underlying mixed sentiment in the market will continue to drive a sideways trading pattern on the exchange in the coming week.”

A total turnover of 1.586bn shares worth N25.992bn in 21,115 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.331 billion shares valued at N20.835bn that exchanged hands in 18,695 deals the previous week.

Thirty-five equities appreciated in price last week, lower than 37 in the previous week. Forty-nine equities depreciated in price, higher than 32 equities of the previous week, while 85 equities remained unchanged lower than 100 equities recorded in the preceding week.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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