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Nigerian Stock Exchange: Investors lose N122bn as 40 equities decline

The downward movement in the equities market continued into the third day today in the week as investors lose another N122 billion spiked by depreciation in the price of 40 companies.

Specifically, the market capitalisation of all listed equities nose-dived to N15.624 trillion from N15.746 trillion.

Nigerian Stock Exchange
Nigerian Stock Exchange NSE

The losses resulted in negative return in four of the sectorial indices, including the industrial goods sector, oil and gas sector, the insurance sector and the consumer goods sector, which returned -11.06 percent, -10.81 percent, -0.79 percent and -0.31 percent respectively.

As in the previous day, an insurance company, Unic Insurance Plc, led the losers, dropping by 9.52 percent to close at N0.38 from N0.42. This was followed by Skye Bank Plc with 8.94 percent decline to close at N1.12 to close at N1.23. Wema Bank Plc ranked third, depreciating by 8.82 percent to close at N1.24 from N1.36 per share.

Law Union & Rock Insurance Plc and May & Baker Plc were down five percent each to close at n0.76 from N0.80 and N2.85 from N3.00 per share respectively.

On the other hand, Caverton Offshore Group Plc led the gainers, rising by 9.71 percent to close at N3.05 from N2.78. Linkage Assurance Plc emerged second with 6.76 percent increase to close at N0.79 from N0.74. Lasaco Assurance Plc went up by 5.88 percent to close at N0.36 from N0.34, followed by Unilever Nigeria Plc, which rose by 4.96 percent to close at N47.60 from N45.35. Red Star Express Plc closed as the last on the top five gainers’ chart, rising by 4.35 percent to close at N6.00 from N5.75 per share.

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