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Business Finance Info & Updates

Investors lose N130bn as 30 stocks slump

Investors in the nation’s stock market lost N130bn on Thursday as 30 firms saw their share prices decline at the end of trading.

The Nigerian Stock Exchange All-Share Index fell by 0.63 per cent to 40,212.19 basis points from 40,465.32bps on Wednesday.

The market capitalisation of listed equities dropped by N130bn to N21.04tn from N21.17tn on Wednesday.

A total of 426.27 million shares valued at N4.75bn were traded in 4,972 deals at the end of trading on the floor of the NSE on Thursday.

University Press Plc led the losers on Thursday as its share price declined by 9.09 per cent to close at N1.20.

It was followed by Chams Plc and UPDC Real Estate Investment Trust, whose share prices shed 8.33 per cent and 7.76 per cent to close at N0.22 and N5.35 respectively.

Multiverse Mining and Exploration Plc fell by 7.69 per cent to close at N0.24 per share, while Japaul Gold & Ventures Plc was down by 5.56 per cent to close at N0.68 per share.

Ten stocks recorded price appreciation at the end of trading, with RT Briscoe Nigeria Plc, Cornerstone Insurance Plc, Royal Exchange Plc, Nigerian Aviation Handling Company Plc, and Niger Insurance Plc emerging the biggest gainers.

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RT Briscoe gained 10 per cent to close at N0.22 per share while Cornerstone Insurance rose by 8.47 per cent to close at N0.64 per share.

Royal Exchange appreciated by eight per cent to close at N0.27 per share; NAHCO increase by 6.51 per cent to close at N2.29 per share; while Niger Insurance gained 4.55 per cent to close at N0.23 per share.

Analysts at Cordros Capital Limited said the bearish sentiments persisted in the local bourse, as investors sold off bellwethers, namely MTNN (-0.9 per cent), GUARANTY (-1.9 per cent) and ZENITHBANK (-3.6 per cent).

They said the month-to-date and year-to-date losses increased to -5.2 per cent and -0.2 per cent, respectively.

The analysts said, “The total volume of trades increased by 74.6 per cent to 426.27 million units, valued at N4.75bn, and exchanged in 4,972 deals. FBNH was the most traded stock by volume at 129.80 million units, while GUARANTY was the most traded stock by value N1.08bn.

“Performance across sectors was negative as all sector indices recorded loses. The banking (-2.6 per cent) index recorded the largest decline, followed by the insurance (-1.5 per cent), consumer goods (-0.5 per cent), oil and gas (-0.2 per cent) and industrial goods (-0.1 per cent) indices.”

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Punch

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