Stock Market Extends Decline, Investors Lose N162bn

The nation’s stock market closed on a negative note on Monday, extending its losing streak to three days.

The market breadth closed negative with 17 losers against 14 gainers.

The Nigerian Stock Exchange All-Share Index dropped by 310.07 basis points or 1.27 per cent from 24,336.12bps last Friday to 24,026.05bps on Monday.

The market capitalisation of equities depreciated by N162bn to close at N12.53tn from N12.69tn.

On the activity chart, the banking subsector dominated in volume with 73.18 million shares traded in 875 deals. The subsector was enhanced by trading activities on the shares of Guaranty Trust Bank Plc and Fidelity Bank Plc.

The premium subsector was boosted by trading activities on the shares of Access Plc and United Bank for Africa Plc, with 54.73 million units traded in 1,580 deals.

Investors exchanged a total of 189.69 million shares in 4,216 deals at the end of trading on Monday.

Cornerstone Insurance Plc and the Nigerian Aviation Handling Company Plc led the gainers’ chart with 10 per cent each to close at 55 kobo and N.2.20 per share respectively.

Zenith Bank Plc followed with a gain of 5.25 per cent to close at N16.05 per share while Flour Mills of Nigeria Plc appreciated by 5.11 per cent to close at N18.50 per share.

On the other hand, Beta Glass Plc led the losers’ chart with a drop of 9.95 per cent to close at N61.55 per share.

Julius Berger Plc followed with a loss of 9.81per cent to close at N16.55 per share while Livestock Feeds Plc dropped by 9.68 per cent to close at 58 kobo per share.