FCMB, 32 Others Drag Stock Market Lower

• FCMB, 32 Others Drag Stock Market Lower

The stock market extended its decline on Monday as 33 companies led by FCMB Group Plc recorded losses at the close of trading on the Nigerian Stock Exchange.

The market capitalisation of equities listed on the NSE fell for the eight straight day to N14.137tn from N14.244tn on Friday, while the NSE All-Share Index dropped to 39,028.51 basis points from 39,323.62bps on Friday.

FCMB, which led the losers’ table on Monday, saw its share price decline by 9.09 per cent to close at N2.00. It was followed by Japaul Oil & Maritime Services Plc, which depreciated by 8.33 per cent to close at N0.22 per share,

Wapic Insurance Plc shed 7.69 per cent to close at N0.44 per share; Diamond Bank Plc depreciated by 5.11 per cent to close at N1.30 per share, and Africa Prudential Plc eased by five per cent to close at N0.97 per share.

Other losers on Monday were MRS Oil Nigeria Plc, Lafarge Africa Plc, Union Bank of Nigeria Plc, Oando Plc, Linkage Assurance Plc, Equity Assurance Plc, Fidelity Bank Plc, Caverton Offshore Support Group Plc, United Capital Plc, FBN Holdings Plc, Honeywell Flour Mill Plc and Transnational Corporation of Nigeria Plc.

Ten stocks recorded price appreciation, with the share price of Consolidated Hallmark Insurance Plc gaining the most as it rose by 6.67 per cent to close at N0.32.

Other top gainers were Eterna Plc, Ikeja Hotel Plc, Sovereign Trust Insurance Plc and Flour Mills of Nigeria Plc.

Eterna was up by 4.93 per cent to close at N5.53 per share, while Ikeja Hotel appreciated by 4.65 per cent to N2.70 per share.

Sovereign Trust Insurance gained 3.85 per cent to close at N0.27 per share, while Flour Mills increased by 2.03 per cent to close at N30.10 per share.