Stock Market Closes Lower as 7UP, 14 Others Lose

BRITAIN-EU-STOCKS-BREXIT-POLITICSA trader from ETX Capital points to a Bloomberg terminal showing the FTSE 100 index. Photo DANIEL LEAL-OLIVAS/AFP/Getty Images)
  • Stock Market Closes Lower as 7UP, 14 Others Lose

The nation’s stock market finished on a negative note on Thursday following the losses recorded by 15 stocks led by 7UP Bottling Company Plc.

The All-Share Index of the Nigerian Stock Exchange shed 0.19 per cent to close at 25,282.75 basis points, while the market capitalisation of listed equities dropped to N8.748tn from N8.765tn on Wednesday.

A total of 147.888 million shares worth N836.841m in 2,578 deals were traded by investors on the floor of the Exchange on Thursday, compared to 322.296 million shares valued at N1.526bn in 2,907 deals the previous day.

Other top losers at the close of Thursday’s trading were Okomu Oil Palm Plc, Unity Bank Plc, Ecobank Transnational Incorporated, NPF Microfinance Bank Plc and C&I Leasing Plc.

7UP Bottling Company shed five per cent to close at N99.66 per share, while Okomu Oil Palm lost 4.99 per cent to close at N47.39 per share.

Unity Bank saw its share price drop by 4.92 per cent to close at N0.58 per share, while ETI declined by 4.9 per cent to close at N7.38 per share.

NPF Microfinance Bank and C&I Leasing fell by 4.65 and 4.48 per cent, respectively to close at N1.23 and N0.64 per share.

Sixteen stocks recorded price appreciation, with Afriprudential Registrars leading the pack as it rose by 4.98 per cent to close at N2.53 per share.

Vitafoam Nigeria Plc increased by 4.74 per cent to close at N1.99 per share, while Diamond Bank Plc was up 4.71 per cent to N0.89 per share.

Transnational Corporation of Nigeria Plc, Honeywell Flour Mills Plc and Livestock Feeds Plc rose by 4.49 per cent, 4.08 per cent and 3.45 per cent, respectively to close at N0.93, N1.02 and N0.60 per share.

The equities segment of the NSE, on Wednesday, pared some of the losses it recorded on Tuesday on the back of price appreciation by 15 stocks led by Transcorp.

Investors in the nation’s stock market lost N105bn on Tuesday as the NSE market capitalisation plunged to N8.722tn from the N8.827tn it close last week.

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]

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