Stocks Fall Further as Forte Oil Leads Losers

• Stocks Fall Further as Forte Oil Leads Losers

The stock market continued its losing streak on Wednesday, as the market capitalisation of equities listed on the Nigerian Stock Exchange fell for the third straight day.

The market capitalisation dropped to N13.584tn from N13.622tn Tuesday, while the NSE All-Share Index fell to 37,499.07 basis points from 37,605.12bps.

Twenty-four stocks recorded losses on Wednesday, with Forte Oil Plc leading the pack as its share price fell by 10 per cent to close at N26.10.

McNichols Consolidated Plc shed 10 per cent to close at N0.81 per share, while Omoluabi Mortgage Bank Plc depreciated by 9.38 per cent to close at N0.58 per share.

Conoil Plc eased by 8.33 per cent to close at N27.50 per share, while Caverton Offshore Support Group Plc dropped by 8.22 per cent to N2.01 per share.

Other losers on Wednesday were Wapic Insurance Plc, Unilever Nigeria Plc, Prestige Assurance Plc, Equity Assurance Plc, Learn Africa Plc, Regency Alliance Insurance Company Plc, United Capital Plc and Union Bank of Nigeria Plc.

Twenty-one stocks recorded price appreciation, with the share price of May & Baker Nigeria Plc gaining the most as it rose by 9.76 per cent to close at N2.25.

Other top gainers were FCMB Group Plc, Japaul Oil & Maritime Services Plc, SkyeBankPlc and Mutual Benefits Assurance Plc.

FCMB was up by 9.62 per cent to close at N2.28 per share, while Japaul Oil & Maritime Services appreciated by 9.09 per cent to N0.36 per share.

SkyeBank gained 9.09 per cent to close at N0.72 per share, while Mutual Benefits Assurance increased by 8.33 per cent to close at N0.39 per share.