Investors’ wealth plunges further by N150 billion

Brokers on the floor of Nigerian Stock Exchange in Lagos.

Transactions on the equities sector of the Nigerian Stock Exchange (NSE) continued on a downturn yesterday, as more blue-chip stocks joined the league of losers causing market capitalisation to dip further by N150 billion.

Specifically, at the close of trading yesterday, 30 stocks constituted the losers’ chart led by Unilever Nigeria Plc with N4.80 to close at N55.00 per share while WAPCO followed with N3.20 kobo to close at N41.00 per share.

Dangote Cement lost N2.90 kobo to close at N252.00 per share. Guinness depreciated by N1.00 kobo to close at N103.00 per share. Dangote flour shed N0.65 kobo to close at N13.15 per share.

On the other hand, GlaxoSmithKline emerged the day’s highest price gainer with N1.00 kobo to close at N30.00 per share while Champion Brewery followed with N0.20 kobo to close at N2.48 per share.

Cement Company of Northern Nigeria added N0.20 kobo to close at N18.00 per share. Mansard garnered N0.12 kobo to close at N2.52 per share. Fidson also gained N0.12 kobo to close at N54.80 per share.

Consequently, the All-share index, which measures the performance of listed firms, dropped by 411.96 points or 1.0 per cent to 40,429.18 from 40,841.14 achieved on Friday.

Similarly, the market capitalization of listed equities depreciated by N150 billion from N14.753 trillion to N14.603 trillion.

Stock market analyst maintained that the losses in large and mid-cap stocks present attractive entry opportunities for investors.

Precisely analysts at Afrinvest Securities Limited said: “Following the losses in large and mid-cap stocks observed in today’s trading session, this presents attractive entry opportunities for investors, thus, we do not rule out possibility of bargain hunting in the near term ahead of the release of Q1 2018 results.“

Also, Codros Capital Limited said:” Despite continued selloffs, we reiterate our positive outlook for the equities market, as relatively lower share prices, as well as still-positive macroeconomic fundamentals, suggests legroom for gains still exist.”

On the activity chart, FBN Holdings was investors’ delight yesterday, accounting for 29 million shares worth N359 million while Skye Bank followed with 23 million units valued at N53 million.

First City Monument Bank exchanged 22 million shares worth N53 million. Zenith Bank recorded 22million units valued at N606 million. Nigerian Breweries traded 20 million units worth N2.5 billion.

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