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Stock market continues to bleed as investors lose N124bn

By Nkiruka Nnorom
Activity on the Nigerian Stock Exchange, NSE, continued a downward trend today with investors losing N124 billion despite the expectations of rebound by some market analysts.

Stock Market

Investment analysts had posited that inspite of the sell-off last week, there remained a positive outlook for equities following a strengthening micro-economic fundamentals.

However, the market trended further down, recording 32 losers to 11 gainers on renewed profit taking activity. Consequently, the benchmark All Share Index, ASI, closed lower at 40,677.61 points from 41,022.31 points, representing 0.84 percent decrease.

Similarly, the equities capitalisation dropped by 0.84 percent to N14.735 trillion from N14.860 trillion on Friday.

C & I Leasing Plc led the losers chart, depreciating by 9.36 percent to close at N1.55 from N1.71, followed by First Aluminium Nigeria Plc with 8.89 percent decline to close at N0.41 from N0.45.

Japaul Oil and Maritime Services Plc went down by 7.50 percent to close at N0.37 from N0.45; Okomu Oil Plc was down by five percent to close at N85.50 from N90.00, while Oando Plc depreciated by 4.91 percent to close at N7.75 from N8.15 per share.

Conversely, Caverton Offshore Support Group Plc led the gainers, appreciating by 4.98 percent to close at N2.74 from N2.61. This was followed by Sterling Bank Plc with 3.82 percent to close at N1.63 from N1.57. Mutual Benefit Assurance Plc ranked third, rising by 3.57 percent to close at N0.29 from N0.28; FCMB Group Plc rose by 3.54 percent to close at N2.63 from N2.54, while Cutix Plc was up 3.28 percent to N3.15 from N3.05 per share.


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