January 25, 2018

Stock market declines by N156bn on GSK, Caverton losses

Investors in the Nigerian Stock Exchange, NSE, lost a whopping N156 billion following heavy sell-off on the shares of 30 companies. Stock Market

GlaxoSmithKline led the losers’ chart dropping by 9.67 percent to close at N18.88 from N20.90, followed by Caverton Offshore Group Plc, which went down by 9.41 percent to close at N2.31 from N2.55 per share.

Diamond Bank Plc closed as the third on the top losers chart with 9.25 percent decrease to N2.65 from N2.92 per share. Skye Bank was down 9.22 percent to close at N1.23 from N1.41, while Unity Bank Plc ranked fifth on the top five losers table, declining by 9.09 percent to close at N1.20 from N1.32 per share.

Consequently, the market capitalisation of all listed equities nose-dived to N15.603 trillion from N15.759 trillion.

Conversely, 21 stocks appreciated in price with Dangote Sugar Refinery leading with 10.16 percent to close at N22.01 from N19.98. This was followed by African Prudential Plc, which went up by 4.24 percent to close at N4.43 from N4.25 per share. United Bank for Africa, UBA Plc, closed as the third on the top five gainers table, rising by 4.08 percent to close at N12.49 from N12.00. FBN Holdings Plc rose by four percent to close at N13.00 from N12.50 per share, while Access Bank added 3.93 percent to its share to close the day at N12.68 from N12.20 per share.