Oando, Lafarge, Ashaka Top Losers Despite N8bn Market Appreciation

The Nigerian stock market (equities categories) recorded a total of 23 losers as the market rebounded marginally by N8bn on Thursday. Lafarge Africa Plc, Ashaka Cement Plc and Oando Plc emerged as the top three losers.

From the Nigerian Stock Exchange data, only 20 stocks appreciated in value.

The NSE market capitalisation rose slightly to N9.628tn from N9.620tn, while the NSE all-Share Index closed at 28,031.90 basis points from 28,009.40 basis points.

A total of 348.801 shares worth N2.645bn exchanged hands in 3,366 deals.

The highest index point attained in the course of trading on the Exchange’s floor was 28,335.40 basis points, while the lowest and average index points were 28,009.40 and 28,180.44 basis points, respectively.

The share price of Lafarge Africa depreciated by N5.20 (9.49 per cent) to close at N49.60 from N54.80, while Ashaka Cement recorded a loss of N1.24 (7.62 per cent) on its share price to close at N15.03 from N16.27.

Oando shares also slumped to N5.32 from N5.60, losing N0.28 (five per cent), while Continental Reinsurance Plc share price lost N0.05 (4.76 per cent) to close at N1 from N1.05.

Similarly, Cutix Plc shares shed N0.10 (4.69 per cent) to close at N2.03 from N2.13.

Other losers were Learn Africa Plc, Honeywell Flour Mill Plc, Paints and Coatings Manufacturers Nigeria Plc, Transnational Corporation of Nigeria Plc, Total Nigeria Plc, Ecobank Transnational Incorporated Plc, FCMB Group Plc, AIICO Insurance Plc, Wema Bank Plc, Skye Bank Plc, Dangote Sugar Refinery Plc, Nigerian Aviation Handling Company Plc and Livestock Feeds Plc.

May and Baker Nigeria Plc, Guaranty Trust Bank Plc, FBN Holdings Plc, Zenith Bank Plc and  PZ Cussons Nigeria Plc also recorded losses of various proportion in their share prices.

On the other hand, Conoil Plc, 7UP Bottling Company Plc, Flour Mills Nigeria Plc, Caverton Offshore Support Services Plc and Union Bank of Nigeria Plc emerged as the top five gainers.

Conoil shares soared to N35.90 from N33, gaining N2.90 (8.79 per cent), while 7UP share price closed at N158 from N145.80, gaining N12.20 (8.37 per cent).

The shares of Flour Mill also gained N1 (4.99 per cent) to close at N21.05 from N20.05, while Caverton’s share price appreciated by N0.03 (4.69 per cent) to close at N0.67 from N0.64.

In the same vein, Union Bank shares closed at N4.57 from N4.40, gaining N0.17 (3.86 per cent).

Other gainers were NEM Insurance Company Nigeria Plc, United Capital Plc, Fidelity Bank Plc, United Bank for Africa Plc, Nascon Allied Industries Plc, Dangote Cement Plc, Seplat Petroleum Development Company Limited, UACN Property Development Company Plc, Sterling Bank Plc, Forte Oil Plc, Diamond Bank Plc, Champion Breweries Plc, Vitafoam Nigeria Plc, Dangote Flour Plc and Nigerian Breweries Plc.

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