Nigerian Stock Index Drops 0.81% on High Stock Sale Orders

As the Nigerian Stock Exchange, NSE, opened trading for the week on Monday, October 17, a  0.81% loss in market value was recorded.

The benchmark index at the NSE, the All Share Index depreciated by 0.81 per cent to close at 27,634.99 points as against its opening index of 27,861.03 points. Likewise, market capitalisation dipped to N9.492 trillion from N9.569 trillion, following a loss of N77.6 billion. The large decline yesterday pushed the negative average year-to-date return to -3.52 per cent.

Nigerian Aviation Handling Company Plc led Monday’s five top equity decliners with a loss of 7.58 percent or N0.25 to close at N3.05 per share followed by Forte Oil Plc that dropped 14 percent since the release of its third quarter results last Wednesday to close at N137.87 today.

Cadbury Plc saw a drop of 4.98 percent or N0.78 to close at N14.89 per share while Glaxosmithkline Plc lost 4.95 percent or N0.91 to close at N17.48 per share. E-Tranzact Plc emerged the fifth top decliner with a depreciation of 4.86 percent or N0.25 in its share price to close at N4.89 per share.

On a positive note, Wema Bank led 7 advancing stocks with a gain of 6.45 percent or N0.04 to close at N0.66 per share. Wapic Insurance Plc added 4 percent or N0.02 to close at N0.52 per share and FCMB improved by 2.70 percent or N0.03 to close at N1.14. Skye Bank Plc and Africa Prudential Plc added 1.61 and 1.49 percent or N0.01 and N0.04 each to close at N0.63 and N2.72 per share respectively. Other equity gainers were Fidson Healthcare Plc and Nascon Allied Industries Plc. They both added N0.01 to close at N1.59 and N8.01 per share respectively.

Law Union Plc led the day’s top three traded stocks with the sale of 100 million shares valued at N70 million. Transcorp followed as investors purchased 49.6 million units of its shares worth N49.6 million while Costain Plc exchanged 32.1 million units of shares worth N16.0 million.

Market activity as measured by Volume and Value traded in 2,588 deals, settled at 255.8 million units and N778.4 million respectively compared to 220.9 million shares and N1.53 billion traded previously.

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