Nigerian equity market loses 0.06%

Activities on the Nigerian Stock Exchange (NSE) resumed on Monday, still on a negative note with the market indices depreciating by 0.06 per cent. The market capitalisation shed N5 billion to close at N8.715 trillion against N8.720 trillion posted on Friday. Also, the All-Share Index which opened at 25,333.39, lost 14.98 points to close at 25,318.41, amid loses by some highly capitalised equities.

Market analysts attributed the downtrend in the market to negative economic indicators and the decision of the Monetary Policy Committee (MPC) to retain interest rate at 14 per cent. They added that decline in money supply had put pressure on the economy and the stock market. The market analysts urged the government to wake up to its responsibilities and ensure effective fiscal policies that would impact on the economy.

An analysis of the price movement chart showed that Forte Oil led the losers’ table with a loss of N3.14 to close at N59.66 per share. It was trailed by UACN with 85k to close at N16.15 and Total shed 40k to close at N245.45 per share. Zenith Bank dipped 30k to close at N13.50 and Stanbic IBTC lost 21k to close at N14.44 per share.

Conversely, Mobil Oil topped the gainers’ table with a gain of N10.44 to close at N219.41 per share. Guaranty Trust Bank came second with 38k to close at N21.89, while ETI garnered 30k to close at N9.80 per share. NASCON improved by 13k to close at N7 and Eterna Oil grew by 13k to close at N2.98 per share.

Wema Bank led the activity chart having accounted for 75.36 million shares valued at N39.19 million. Access Bank traded 22.90 million worth N131.57 million, while Zenith Bank sold 14.78 million worth N199.73 million. FCMB Group exchanged 14.29 million shares valued at N15.14 million and FBN Holdings sold 13.51 million worth N41.29 million. In all, investors bought and sold 202.43 million shares valued at N1.62 billion traded in 2,558 deals against 144.16 million shares worth N2.14 billion traded in 2,459 deals on Friday.