Market Cap Hits 14-month Low, Lafarge Leads Losers

• Market Cap Hits 14-month Low, Lafarge Leads Losers

The nation’s stock market extended its decline on Monday as the market capitalisation dropped by N98.8bn to close at N11.690tn, the lowest figure in 14 months.

Twenty six companies led by Lafarge Africa Plc recorded losses at the close of trading on the Nigerian Stock Exchange.

The NSE All Share Index declined by 0.8 per cent to 32,022.23 basis points, as the year-to-date loss worsened to a 16.3 per cent decline.

Depreciation in large cap stocks of Nestlé Nigeria Plc, Lafarge Africa Plc, Access Bank Plc and Dangote Sugar Refinery Plc by 5.5 per cent, 10 per cent, five per cent, and 2.1 per cent, respectively, drove the negative performance of the market.

Activity level weakened as volume and value traded declined by 29.7 per cent and 46.4 per cent to close at 173.547 million units and N3.712bn, respectively.

The top traded stocks by volume were Guaranty Trust Bank Plc (28.2 million), Zenith Bank Plc (25.9 million) and Skye Bank Plc (18.9 million), while the top traded stocks by value were Dangote Cement Plc (N1bn), GTB (N0.9bn) and Zenith Bank (N0.5bn).

All sectors recorded declines except the banking index, which gained due to price appreciation in GTB and United Bank for Africa Plc.

The top five losers were Lafarge Africa, Conoil Plc, Cement Company of North Nigeria Plc, NPF Microfinance Bank Plc, and First Aluminium Nigeria Plc, which depreciated by 10 per cent, 9.88 per cent, 9.87 per cent, 9.70 per cent, and 9.09 per cent, respectively.

The top five gainers were Skye Bank, Unity Bank Plc, Transnational Corporation of Nigeria Plc, Wema Bank Plc, and LASACO Insurance Plc, which appreciated by 9.84 per cent, 8.97 per cent, 4.63 per cent, 3.33 per cent, and 3.33 per cent, respectively.