Nigerian Stocks Lose N299bn In 2 Days


The Nigerian Stock Exchange (NSE) market capitalisation on Friday closed negatively, for the fifth day, dipping further by N145 billion and recording a loss of N299 billion in two days.

On Thursday, the exchange had pared its stock value by N154 billion, with market capitalization closing at N14.389 trillion.

The free fall continued on Friday, with the market capitalisation shedding N145 billion or 1.01 per cent to close lower at N14.244 trillion.

READ ALSO:   Tuface Named First NSE 'Good Cause' Ambassador

Similarly, the All-Share Index which opened at 39,723.85 lost 400.23 points or 1.01 per cent to close at 39,323.62 following pride loses.

A breakdown of the price movement table shows that Guinness topped the losers’ chart for the day, shedding N4 to close at N100 per share.
Flour Mills Nigeria trailed with a loss of N1.50 to close at N49, Julius Berger was down by N1.45 to close at N27.55 per share, while Glaxosmithkline depreciated by N1.02 to close at N20.50 per share.

READ ALSO:   Equities Market Suffers 5% Week-On-Week Loss

Commenting on the persistent market drop, Mr Ambrose Omordion , the Chief Operating Officer, InvestData Ltd, attributed the development to the exit of foreign portfolio investors.

Omordion said foreign portfolio investors were offloading and running for safety as “political risks” surrounding the 2019 general elections were beginning to play out.

He said investors at the moment had two options of investing for long-term or to sell down in order to cut the huge losses to invest back when eventually the market rebounded.

READ ALSO:   Adeosun: Why I Dropped Zubair, Ex-SEC DG, Reinstated Oando Shares' Trading

On the other hand, MRS led the gainers’ table, gaining N1.70 to close at N36.05 per share.
UACN followed with a gain of 55k to close at N15.05, while Fidson Healthcare gained 25k to close at N5.95 per share.

Ikeja Hotel added 23k to close at N2.58, while Sterling Bank increased by 6k to close at N1. 35 per share.

READ ALSO:   Zenith Bank Declares N75.32bn HY Profit

On a bright note, FCMB group recorded the highest volume of activities during the day, trading 44.016 million shares worth N98.29 million.

The financial service sector remained the most active with Zenith International Bank emerging the toast of investors, accounting for 22.21 million shares valued at N590.59 million.

United Bank for Africa sold 21.43 million shares worth N228.17 million, while Regency Alliance Insurance traded 20.81 million shares valued at N5.41 million.

READ ALSO:   Seplat, Cadbury, Airtel Africa Lift Nigerian Stocks To 8-Week High 

FBN Holdings trailed with an exchange 19.99 million shares worth N194.09 million.
In all, investors bought and sold 295.99 million shares valued at N2.95 billion achieved in 4,911 deals against the 256.43 million shares worth N2 billion transacted in 4,111 deals on Thursday.


Subscribe to Our VIP Newsletter

Previous articleFAYOSE: APC’s 77-Man Committee Will Crumble In Ekiti
Next articleOlisa Metuh’s Trial Continues In Absentia

The New Diplomat stands for ethical journalism, press freedom, accountable republic, and gender-equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally. From our insightful reports of political issues to our riveting investigations and analyses of business, socio-economic, and cross-cutting sectors, The New Diplomat remains ever committed to investigative reporting and ethical journalism. Support and partner with The New Diplomat today, to guarantee a positive future for all under an atmosphere of free press!


Please enter your comment!
Please enter your name here