Royal Exchange, NAHCO, others lead Nigerian Stock Exchange N41b losses
Following price losses suffered by many bluechip stocks especially Royal Exchange, and NAHCO, transactions on the trading floor of the Nigerian Stock Exchange (NSE), reopened bearish yesterday, causing market capitalisation to plunge further by N41 billion.
Specifically, at the close of trading, the All Share Index (ASI) shed 110.37 absolute points, representing a dip of 0.37 per cent to close at 29,936.33 points. Similarly, the market capitalisation shed N41 billion to close at N13.192 trillion.
Monday’s performance was influenced by price depreciation in medium and large capitalised stocks, among which were, Dangote Cement, MTN Nigeria, Guinness Nigeria, Oando, and Nigerian Aviation Handling Co (NAHCO).Analysts at APT Securities and Funds Limited, said: “We retain our cautious trading advice in the short run. However, accumulation of fundamentally justified and dividend paying stocks for mid to long term is recommended.”
Market breadth was negative with 16 gainers against 20 losers. Prestige Assurance recorded the highest price gain of 10 per cent to close at 55 kobo per share. Forte Oil followed with 9.86 per cent to close at N32.30, while Wapic Insurance rose 9.76 per cent to close at 45 kobo, per share.
Courteville Business Solutions gained 9.52 per cent to close at 23 kobo. Japaul Oil & Maritime Services added 4.17 per cent to close at 25 kobo per share. On the other hand, Royal Exchange led the losers’ chart with 8.33 per cent to close at 22 kobo per share.
NAHCO followed with 6.35 per cent to close at N2.80, while Thomas Wyatt Nigeria fell 6.06 per cent to close at 31, per share.
Oando declined 5.13 per cent to close at N3.17, while United Capital shed 4.72 per cent to close at N2.22, per share.
However, the total volume traded rose 1,867.26 per cent to 2.86 billion units, valued at N3.92 billion, exchanged in 3,360 deals. Wema Bank traded 2.7 billion shares valued at N1.71 billion. Fidelity Bank followed with 24.64 million shares worth N42.88 million.
Thomas Wyatt Nigeria traded 22.91 million shares valued at N7.10 million.Zenith Bank traded 15.64 million shares at N315.17 million, while Access Bank transacted 10.44 million shares worth N66.29 million.
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