Nigeria Business & Finance Updates

Equities record first loss in new year

Equities record first loss in new year

Transactions on the Lagos floor of the Nigerian Stock Exchange (NSE) closed in the red Tuesday for the first time in the new year as investors ditched the shares of many bluechip companies.

As such, the market capitalisation declined by N181 billion, while the All Share Index (ASI) fell by 1.18 per cent to close yesterday’s trading at 29,633.58 points and N15.106 trillion respectively. Furthermore, activity level ended mixed as volume surged 91.5 per cent to 666.8 million units while value declined by 23.8 per cent to N6.51 billion. On price movement, 23 stocks depreciated in value while 13 others appreciated. Tourist was top on the losers’ chart with 10 per cent to close at N3.15, NEM followed with 9.69 per cent to close at 2.05, NPF Microfinance Bank lost 9.56 per cent to close at N1.23, Chip Plc dropped 9.52 per cent to close at 0.38 kobo while Nigerian Breweries fell by 8.83 per cent to close at N51.10 per share. On the otherhand, Beta Glass topped the gainers’ chart with 9.67 per cent to close at N59 per share. Cileasing was next with 8.89 per cent to close at N7.35, Eko corporation increased by 7.72 per cent to close at N5.20, Forte Oil rose by 5.62 per cent to close at N17.85 while Cadbury garnered 5.26 per cent to close at N10.

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