Major losses drag down indices by 0.9%

Major losses recorded by companies on the Nigerian Stock Exchange on Monday further dragged down market indicators at the close of trading.

For Instance, Japaul Oil and Maritime Services Plc led the price losers’ chart, shedding five per cent or eight kobo to close at N1.52 per share.

Dangote Flour Mills Plc lost 4.9 per cent or 85 kobo to close at N16.17 per share. Cement Company of Northern Nigeria, United Bank for Africa Plc and Goldlink Insurance Plc fell by 4.9 per cent each to close at N11.35, N8.31 and 58 kobo per share respectively.

The market capitalisation of the 164 listed equities, which closed on Friday at N7.944tn, fell by 0.9 per cent or N72bn to N7.872tn. It had lost 0.8 per cent on Friday.

The NSE’s All-Share Index, which slid by 0.8 per cent or 203.69 basis points to close at 24,863.38 last Friday, fell further by 0.9 per cent to 24,639.74 on Monday.

The NSE-30 Index also slipped by 1.1 per cent from 1,075.07 to 1,063.24 points, while the NSE Banking Index fell by 1.4 per cent from 395.44 to 390.09 points.

Analysts said the continued low level of investor confidence accounted mainly for the losses incurred. They added that as the election drew nearer, some investors had been pulling out funds from the market for various reasons.

The banking sub-sector maintained its lead on the activity chart, accounting for 57 per cent of total turnover traded.

In the sub-sector, investors exchanged 87.056 million shares, worth N749m in 3,076 transactions.

Turnover in the sub-sector was driven by activities in the shares of Finbank Plc, Skye Bank Plc, Zenith Bank Plc and Guaranty Trust Bank Plc.

Associated Bus Company Plc recorded the highest appreciation for the day, rising by five per cent or three kobo to close at N63 kobo per share.

Two rescued bank stocks, Wema Bank Plc and Union Bank of Nigeria Plc gained 4.9 per cent and 4.8 per cent to close at N1.50 and N3.67 per share, respectively.

Continental Insurance Plc and Eterna Oil and Gas Plc gained 4.7 per cent and 4.6 per cent to close at N3.67 and N89 kobo per share in that order.

In all, investors staked N1.172bn on 152.07 million shares in 5,081 transactions, compared to 201.83 million shares, worth N1.640bn exchanged the previous day, in 5,529 deals.

Source : Punch