Stocks Extend Decline As 17 Firms Record Losses
The Nigerian stock market extended its decline on Monday as 17 companies saw their share prices decline at the end of trading.
Investors in the market lost N600bn last week as the market capitalisation of equities fell below the N20tn mark.
The Nigerian Exchange Limited All-Share Index and market capitalisation declined by 2.93 per cent to close on Friday at 38,324.07 basis points and N19.98tn respectively.
The ASI fell further by 0.10 per cent on Monday to 38,287.58 basis points while the market capitalisation dropped to N19.96tn.
A total of N141.15 million shares valued at N1.09bn were traded by investors in 3,566 deals on Monday.
ABC Transport Plc led the losers as its share price fell by 9.76 per cent to N0.37. It was followed by Nigerian Enamelware Plc, whose share price dropped by 9.75 per cent to N16.20.
Other top losers were UACN Property Development Company Plc, Jaiz Bank Plc and Courteville Business Solutions Plc, whose share prices declined by 8.43 per cent, 6.45 per cent and 4.76 per cent to N0.76, N0.58 and N0.20 respectively.
Nineteen stocks recorded price appreciation, with 12.40% FGN MAR 2036, Royal Exchange Plc, Regency Alliance Insurance Company Plc, Consolidated Hallmark Insurance Plc and Sovereign Trust Insurance Plc leading the park.
Analysts at Cordros Capital Limited said activities in the domestic bourse carried on last week’s bearish performance, as profit-taking witnessed in NESTLE (-2.5 per cent) drove the index lower.
They noted the month-to-date and year-to-date losses increased to 3.9 per cent and 4.9 per cent, respectively.
“Analysing by sectors, the consumer goods (+0.5 per cent), (-0.7 per cent oil and gas (+0.2 per cent) and industrial goods (+0.1 per cent) indices recorded gains, while the insurance (-0.7 per cent) and banking) indices declined,” they added.