Indices plunge by N15b as 30 stocks depreciate in price

Price losers overtook gainers on the Nigerian Stock Exchange as major highly capitalised stocks depreciated in price, causing the market capitalisation to plummet by N15 billion.

Yesterday, 30 stocks depreciated in price, while 16 constituted the gainers chart.

Specifically, Lafarge Plc topped the losers chart with N3.20 kobo to close at N60.45 per share. Sequel to a profit warning for 2016 second quarter released by Lafarge Africa Plc that the financials were expected to be affected by impact of naira devaluation against the dollar resulting in unrealised exchange loss, its shares yesterday, depreciated further by N3.20 or 5.03 per cent to lead the losers’ chart.

Following investors’ reaction to its profit warning, released on July 8, 2016, the company lost N3.20 to close at N60.45 per share. The stock, had on Friday, shed N3.35 on July 8 to close at N63.65 per share.

Stanbic IBTC also depreciated in price with a loss of 83 kobo to close at N15.77, while International Breweries lost 80 kobo to close at N19 per share.

Oando also dipped by 60 kobo to close at N7.45 and Dangote Cement declined by 30k to close at N191.20 per share.

Consequently, the market capitalisation shed N15 billion to close at N9.895 trillion against N9.910 trillion posted on Friday.

Also, the All-Share Index lost 41.47 points or 0.14 per cent to close at 28,813.51 against 28,854.98 achieved on Friday.

On the other hand, Nestle led the gainers’ table, increasing by N2.10 to close at N852.10 per share. Guinness followed with a gain of N1.01 to close at N101 and Guaranty Trust Bank gained N1 to close at N24 per share.

Okomu Oil appreciated by 48k to close at N31.50, while Zenith International Bank chalked up 42k to close at N15.87 per share. GT Bank emerged the most traded equity, trading 45.65 million shares worth N1.06 billion.

FBN Holdings traded 32.29 million shares valued at N117.01 million and FCMB Group exchanged 21.03 million shares worth N27.46 million. United Bank for Africa sold 19.89 million shares valued at N87.16 million and Access Bank traded 19.74 million shares worth N105.97 million.

On the whole, investors bought and sold 273.36 million shares valued at N3.44 billion in 4,865 deals, against the 234.96 million shares worth N2.29 billion that changed in 4,145 deals last Friday.