Stock Market: Investors Lose N28bn

Equity transactions on the Nigerian Stock Exchange resumed for the week on Monday on a negative note as the market capitalisation depreciated by N28bn or 0.30 per cent.

The situation followed price losses recorded by some major stocks.

The market capitalisation closed lower at N9.399tn, down from the N9.427tn recorded on Friday.

Also, the All-Share Index, which opened at 27,450.91, dropped by 82.5 points to close at 27,368.41.

NAHCO lost 17 kobo to close at N3.23 and NASCON and Africa Prudential Registrars dipped by one kobo each to close at N7.9 and N2.65 per share respectively.

On the other hand, 7UP led the gainers’ chart with N3.98 to close at N116.98 per share, while Champion gained  nine kobo to close at N2.7.

Also the NPF Microfinance Bank, Dangote Flour Mills and Honeywell Flour Mills grew by four kobo each to close at 99 kobo, N3.9 and N1.4 per share, respectively.

The Financial Service Sector remained the delight of investors as FBN Holdings emerged as the most traded stock, accounting for 11.66 million shares worth N34.95m.

The FCMB followed with an exchange of 8.83 million shares valued at N9.31m, while Zenith Bank sold 7.84 million shares worth N119.96m.

Diamond Bank traded 7.62 million shares valued at N8.19m, while UBA transacted 7.19 million shares worth N31.97m.

In all, the volume of shares traded declined by 70.01 per cent as investors exchanged 83.83 million shares worth N711.12m in 2,279 deals.

This was against the 279.56 million shares valued at N3.70bn traded in 3,255 deals on Friday.