Investors Lose N35 Billion on Monday as Dangote Cement, Vitafoam, Others Close in Red

The Nigerian Stock Exchange (NSE) returned to bearish on Monday following a decline in the value of stocks of Dangote Cement, Vita Foam, UACN and others.

The market capitalisation of listed equities declined by N35 billion to N13.111 trillion on Monday, down from N13.146 trillion it closed on Friday.

While the NSE All-Share Index dipped by 0.27 percent from 25,199.84 basis points it closed on Friday to settle at 25,132.67 bps.

Investors traded 161.231 million shares valued at N1.846 billion in 3,597 transactions during the trading hours of Monday.

This is coming few days after the National Bureau of Statistics (NBS) reported that Nigeria’s unemployment rate rose to 27.1 percent or 21.8 million people between the third quarter of 2018 and the second quarter of 2020.

The surged in jobless rate amid broad-based economic uncertainties, especially after the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said the nation is likely to slide into second economic recession in the third quarter of the year given the numbers of weak economic fundamentals and the drop in revenue generation, weighed on the bourse.

At the Exchange on Monday, MTN Nigeria led top gainers with N2.3 gain, while Julius Berger followed with N1.45 gain. Unilever, Ardova and Dangote Sugar added N1.25, N1.2 and 40 kobo, respectively. See the details below.

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