Investors Lose N119bn As Stock Market Reverses Gains

The stock market finished in negative territory on Monday as investors lost N119bn amid selling pressure.

The Nigerian Stock Market All-Share Index declined by 0.91 per cent as bargain hunters sustained profit-taking.

The ASI dropped by 225.35 basis points from 24,954.32 basis points on Thursday to 25,182.67bps on Monday.

The market capitalisation of equities depreciated by N119bn to close at N13.02tn from N13.14tn on Thursday.

The premium subsector dominated in volume terms with 76.56 million shares traded by investors in 1,759 deals. The subsector was enhanced by the activities in the shares of FBN Holdings Plc and Zenith Bank Plc.

The banking subsector was boosted by the activities in the shares of Guaranty Trust Bank Plc and Jaiz Bank Plc, with 43.67 million units traded in 694 deals.

In all, investors traded a total of 237.65 million shares in 4,808 deals.

Fidson Healthcare Plc and Red Star Express Plc led the gainers’ table with 10 per cent each to close at N3.30 and N3.63 per share respectively.

Cornerstone Insurance Plc followed with a gain of 9.80 per cent to close at 56 kobo per share, while Honeywell Flour Mills Plc appreciated by 9.78 per cent to close at N1.01 per share.

On the other hand, Prestige Assurance Plc led the losers’ table with a drop of 10 per cent to close at 63 kobo per share.

Neimeth International Pharmaceuticals Plc followed with a loss of 9.73 per cent to close at N2.32 per share, while AIICO Insurance Plc dropped by 9.32 per cent to close at N1.07 per share.