By NKIRUKA Nnorom
Sustained losses in Japaul Oil and Maritime Services PLC, Skye Bank Plc and other banking stocks last week resulted in loss of N200 billion by investors.
Specifically, 54 losers were recorded this week against 15 gainers that emerged.
Japaul, which led the losers, dropped by 25 percent to close at N0.30 from N0.40, followed by Skye Bank Plc with 19.15 percent decline to close at N0.76 from N0.94.
Diamond Bank Plc placed third, depreciating by 18.42 percent to close at N1.55 from N1.90; Cement Company of Northern Nigeria, CCNN, ranked fourth with 17.24 percent to close at N24.00 from N29.00, while Fidelity Bank Plc went down by 14.68 percent to close at N2.15 from N2.52 per share.
A review of activity showed that the bears remained dominant on the Nigerian Stock Exchange, NSE, with the twin the market indicators – the All Share Index, ASI, and the market capitalisation of all listed equities – falling by 1.34 percent apiece.
Similarly, the market capitalisation went down by N200 billion to close at N14.600 trillion from N14.860 trillion in the previous week, while the ASI closed lower at 40,472.45 points from 41,022.31 points, representing the highest loss since mid March.
“As the Monetary Policy Committee, MPC, is scheduled to hold its 2nd meeting for the year, we believe market will likely trade sideways pending the outcome of the meeting,” said analysts at Afrinvest Securities.
Further analysis showed that negative returns was posted across most sectors. The banking declined the most, falling by 2.80 percent on the back of sell-off in Skye Bank Plc, Diamond Bank Plc and Fidelity Bank, which declined by 19.15 percent, 18.42 percent and 17.24 percent respectively.
The oil and gas sector followed by 2.64 percent decrease on account of sell pressure in Forte Oil Plc (4.87%),Total Nigeria Plc (4.42%) and Mobil Oil Plc (3.72%). The industrial goods depreciated by 1.37 percent, while the insurance sectors went down by 0.80 percent. The Consumer Goods sector, however, inched up by 0.03 percent.