Market Sheds N16bn, Caverton, Continental Reinsurance, NAHCO Lose

The Nigerian Stock Exchange market capitalisation depreciated by N16bn at the close of trading on the Exchange’s floor on Thursday after it gained marginally the previous day.

Caverton Offshore Support Group Plc, Continental Reinsurance Plc, Nigerian Aviation Handling Company Plc, Honeywell Flour Mill Plc and Neimeth International Pharmaceuticals Plc led the losses in the top five category.

The NSE market capitalisation slid to N9.675tn from N9.691tn recorded the previous day, while the NSE All-Share Index also dropped to 28,166.42 basis points from 28,21.57 basis points.

The highest index point attained in the course of trading was 28,214.57 basis points, while the lowest and average index points closed at 27,839.93 and 28,057.87 basis points, respectively.

From the NSE daily statistics, a total of 22 stocks made the losers’ chart, while 18 appreciated. A notice from the Exchange also revealed that Dharnesh Gordhon has resigned his appointment as director and managing director of Nestle Nigeria Plc with effect from October 1, 2016.

The company’s Board of Directors, was said to have appointed Mauricio Alarcon as new managing director with effect from October 1, 2016.

The share price of Caverton dropped to N1.10 from N1.21, shedding N0.11 (9.09 per cent), while Continental Reinsurance stocks closed at N0.96 from N1.01, losing N0.05 (4.95 per cent).

NAHCO shares also plunged by N0.16 (4.60 per cent) to close at N3.48 from N3.32, while those of Honeywell Flour Mill closed at N1.35 from N1.41, losing N0.06 (4.26 per cent).

In the same vein, Neimeth recorded a drop of N0.04 (4.08 per cent) on its share price to close at N0.94 from N0.98.

Other losers at the bourse were Guaranty Trust Bank Plc, NEM Insurance Company Nigeria Plc, Livestock Feeds Plc, Champion Breweries Plc, Dangote Cement Plc, Eterna Plc, Wema Bank Plc, Airline Services and Logistics Plc, FBN Holdings Plc, Ecobank Transnational Incorporated Plc and Transnational Corporation of Nigeria Plc.

Dangote Flour Plc, United Capital Plc, Guinness Nigeria Plc, United Bank of Africa Plc, Conoil Plc and Larfarge Africa Plc also recorded losses in their share prices.

On the other hand, Oando Plc, Zenith Bank Plc, Total Nigeria Plc, Mobil Oil Nigeria Plc and Forte Oil Plc emerged at the top five gainers.

The share price of Oando soared to N6 from N5.60, gaining N0.40 (7.14 per cent), while Zenith stocks appreciated by N0.79 (5.27 per cent) to close at N15.79 from N15.

The shares of Total gained N13.50 (five per cent) to close at N283.50 from N270.

Other gainers were PZ Cussons Nigeria Plc, Cutix Plc, Fidson Healthcare Plc and Diamond Bank Plc, among others.