Stock market value drops by N106.5bn

Friday Ekeoba, Lagos

From left, Group Managing Director/
Chief Executive, Union Bank Plc,
Dr. Barth Ebong; Executive Director,
Commercial Banking, South, Mr. Sam
Ayininuola; and Deputy General
Manager, Marketing, Mr. Peter Aliogo,
at the launch of the bank’s savings
bonanza, held at the Golden Gate
Restaurant, Ikoyi, Lagos, recently.With heavy losses still trailing transaction on the shares of blue chip companies, the value of listed equities on the Nigerian Stock Exchange (NSE) witnessed a drop, last week, by N106.47 billion.

Specifically, the market capitalisation shed 2.32 per cent to close at N4.480 trillion from N4.586 trillion at which it opened the week while the all-share index depreciated by 2.62 per cent or 533.58 basis points to close at 19,836.48 points from the opening 20,370.06 points.

Oando Plc recorded the highest share price loss, dropping by N6.60 to close at N60.00 per share. Nestle Nigeria Plc followed with a loss of N6.05 to close at N133.95 per share while Mobil Oil Nigeria Plc depreciated by N4.89 to close at N92.01 per share.

Completing the five top losers table were RT. Briscoe Plc, with a loss of N3.47 and Ecobank Transnational Incorporated, which shed N2.84.

On the other hand, African Petroleum Plc recorded the highest share price gain, rising by N2.42 to close at N56.60 per share while Guinness Nigeria Plc followed with a gain of N1.41 to close at N90.00 per share and Seven-up Bottling Company Plc garnered N1.20 to close at N39.00 per share.

Others on the top five losers table included Unilever Nigeria Plc, N0.79 and UAC Nigeria Plc, N0.65.

Equity trading in the week under review appreciated by 130 per cent, as a turnover of 2.76 billion shares valued at N13.6 billion was recorded in 28,216 deals, in contrast to penultimate week’s turnover of 1.2 billion shares valued at N6.1 billion in 33,058 deals.

The banking sub-sector dominated the other sub-sectors, accounting for 68.84 per cent of the market turnover, with 1.9 billion shares valued at N11.05 billion in 15,528 deals.

Intercontinental Bank Plc recorded the highest patronage in the sub-sector, trading 1.17 billion shares valued at N6.7 billion in 793 deals, followed by First Inland Bank Plc with the exchange of 157.89 million shares valued at N349.43 million in 161 deals and First Bank Nigeria Plc recorded 71.57 million shares valued at N1.10 billion in 3,854 deals.