As bearish trading continued yesterday on the Nigerian bourse, the equities market capitalization went down by N125 billion. Trading is projected to resume on a positive note although the bears remain in control
The N124 billion drop meant that market closed at N14.7trillion. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) closed at 40,677.61, declining by 0.84%. The volume of shares traded grew by 2% to 218.8 million shares while vale of shares declined by 47.3% to N2.2billion.
Only 11 stocks appreciated in stock value, while 32 lost value.
Leading the laggards was C&I Leasing Plc with a 9.3% drop in stock, closely followed by an 8.8% loss by First Aluminium Nigeria Plc. Japaul Oil and Maritime Services Plc, Okomu Oil Palm Plc, Oando Plc and Diamond bank Plc all depreciated by 7.5%, 5.0%, 4.9% and 4.7% respectively.
Diamond Bank Plc last Friday posted its financial record for the year ended December 31, 2017, where it declared a loss of N9.011 billion. The bank’s profit after tax for Q1’ 2018 fell by 82% to N784 million, from N5.049 billion in the corresponding period of 2017.
On the winning side, Caverton Offshore Support Group Plc led the way with a 4.9% gain, closely followed by a 3.8% gain by Sterling Bank Plc. Mutual Benefits Assurance Plc and FCMB Group Plc all closed at 3.5%.
From a sector standpoint, only the NSE Oil and Gas Index remained flat. The NSE Insurance Index, NSE Consumer Goods Index, NSE Banking Index and NSE Industrial Goods Index all fell by 1.7%, 1.6%, 0.4% and 0.2% in that order.
Photo Credit: Zee Business
