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Stock Market sheds N233billion on continuing bear run

By on January 13, 2016

The Nigerian stock market shed N233 billion  on Monday as the bears continued dominate trading, depressing  the market capitalisation to N9.1 trillion, while the Nigerian Stock Exchange (NSE) All-Share Index declined by 2.5 per cent to close loser at 26,350.18.

The market had dipped by 5.6 per cent in the first week of trading this year, contrary to expectations of a recovery. Turmoil in global stock markets that was triggered by the near crash of the Chinese stock market last week made the Nigerian market to remain volatile throughout last week.

There were expectations that giving the relative attractive violations in the market, the market might open on a positive note this week.  However, that was not be as the bears tightened their grip on the market following losses by highly capitalised stocks.

At the close of trading yesterday only six stocks appreciated while 39 depreciated. Also, whereas the six gainers were stocks with low market capitalisation, bellwether stocks such as Dangote Cement Plc, Nigerian Breweries  Plc, Larfage Africa Plc were made the losers’ chart.

However, Lafarge Africa Plc led the losers with 9.6 per cent, trailed by Unity Bank Plc and Eterna plc, which shed 9.4 per cent and 9.0 per cent respectively. Oando Plc, Transcorp Plc, Cement Company of Northern Nigeria Plc and FBN Holdings Plc went down by 6.9 per cent, 6.0 per cent, 4.9 per cent and 4.8 per cent.

On the other hand, Ashaka Cement Plc and Total Nigeria Plc led the price gainers with 5.0 per cent apiece. McNichols Plc garnered 4.3 per cent, while Learn Africa Plc, Wema Bank Plc and African Prudential Registrars Plc appreciated by 3.6 per cent, 3.0 per cent and 1.2 per cent in that order.

All sectoral indicators closed in the red led by the NSE Industrial Goods Index, which dipped 6.4 per cent on losses by Dangote Cement and Lafarge Africa.  The NSE Consumer Goods and NSE Insurance indices fell by  1.5 per cent apiece. While the Consumer Goods index decline was influenced by sustained depreciation in Nigerian Breweries Plc, AXA Mansard Index drove loss in the Insurance index.  The NSE Banking and Oil & Gas Index went down by 0.6 per cent each.

 

[ThisDay]