Investors Lose N105bn as Fidelity Bank, 17 Others Dip

Fidelity BankFidelity Bank plc
  • Investors Lose N105bn as Fidelity Bank, 17 Others Dip

Investors in the nation’s stock market lost N105bn on Tuesday as 18 stocks led by Fidelity Bank Plc took a beating at the end of trading on the floor of the Nigerian Stock Exchange.

The NSE market capitalisation, which fell by N82bn last week to N8.827tn on Thursday, closed at N8.722tn on Tuesday, the first trading session of the week.

The Federal Government declared last Friday and Monday as public holidays in commemoration of the Easter celebrations.

The NSE All-Share Index dipped by 1.19 per cent to close at 25,207.07 basis points, while the year-t0-date loss worsened to 6.2 per cent.

A total of 254.959 million shares worth N2.449bn in 2,854 deals were traded by investors on the floor of the Exchange on Tuesday.

Fidelity Bank saw its share price shed 9.09 per cent to close at N0.80, while Ecobank Transnational Incorporated dropped by five per cent to close at N7.79 per share.

Eterna Plc depreciated by 4.98 per cent to close at N3.05 per share; Union Bank Nigeria Plc lost 4.96 per cent to close at N4.98 per share, and Oando Plc dropped by 4.83 per cent to close at N5.32 per share.

Livestock Feeds Plc eased to N0.61 per share from the N0.64 per share it closed at last week, while Vitafoam Nigeria Plc fell by 4.5 per cent to N1.91 per share.

Other losers were Diamond Bank Plc, Nestle Nigeria Plc, United Bank for Africa Plc, Dangote Cement Plc, Guaranty Trust Bank Plc and FCMB Group Plc.

Fourteen stocks recorded price appreciation on Tuesday, with FBN Holdings Plc leading the pack with a five per cent rise to close at N3.36 per share.

C&I Leasing Plc gained 4.69 per cent to close at N0.67 per share, while Dangote Flour Mills Plc increased by 4.27 per cent to close at N4.40 per share.

Transnational Corporation of Nigeria Plc appreciated by 3.8 per cent to close at N0.82 per share while Seplat Petroleum Development Company Plc rose by 2.56 per cent to close at N400 per share.

Analysts at Afrinvest Securities Limited said, “Barring any negative earnings surprises, we expect bargain hunting to lift market performance in tomorrow’s (Wednesday’s) trading session.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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