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Bears sustain hold on NSE, investors lose N6bn

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By Nkiruka Nnorom
Investors lost further N6 billion at the close of trading today following continued dominance of the bears in the market.

Nigerian Stock Exchange
Nigerian Stock Exchange NSE

This loss was fuelled by depreciation in value big capitalised companies, including Dangote Cement Plc, Nigerian Breweries, NB Plc, FBN Holdings Plc, Forte Oil Plc and Zenith Bank Plc among others.

Specifically, 25 losers emerged led by Forte Oil Plc, which declined by five percent to close at N40.85 from N43.00. This was followed by C&I Leasing Plc with 4.76 percent decline to close at N1.80 from N1.89.

Courtville Business Solution, CBS Plc, ranked third, dropping by 4.55 percent to close at N0.21 from N0.22; Unity Bank Plc placed fourth, depreciating by 4.39 percent to close at N1.09 from N1.14, while NASCON Allied Industries Plc was down 4.21 percent to close at N20.50 from N21.40 per share.

Though not among the top losers, Dangote Cement Plc, the most highly capitalised stock on the Nigerian Stock Exchange, NSE, fell by 0.40 percent to close at N247.00 from N280.00 per share. FBN Holdings was down 0.42 percent; Zenith (0.18 percent), while NB Plc recorded 0.78 percent price decline.

Consequently, the twin market indicators – the All Share Index, ASI, and the market capitalisation of al listed equities – fell by 0.04 percent to settle at 41,155.80 points and N14.908 trillion respectively.

“Our outlook for the equities market, in the medium-to-long term, remains positive, amidst strengthening macroeconomic fundamentals,” says analysts at Cordros capital, a Lagos based investment banking firm.

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