Investors lose N10.6 billion in bearish trade

The Nigerian equity market on Monday ended on a negative note with the market capitalisation dropping by N10.6 billion to close at N9.408 trillion compared to a loss of N112 billion incurred on Friday to close at N9.419 trillion.

Also, the All-Share Index dipped 30.88 points or  percent to close at 27,394.98 basis points compared to 325.48 points or 1.17 percent decline recorded in the prior trading session to close at 27,425.86 basis points.

With market analysts attributing the market downturn to a reflection of the general weakness in the economy, Dangote Flour led the day’s 18 declining stocks with a loss of 5.25 percent or 23 kobo to close at N4.15 per share. Total Oil Plc followed with a decrease of 4.99 per cent or N12.07 to close at N229.95 per share, while MRS Plc dipped 4.98 percent or N2.13 to close at N40.60 per share.

Berger Paints Plc dropped 4.98 per cent or 38 kobo to close at N7.25 per share and Custody and Alliance Plc lost 4.76 percent or 19 kobo to close at N3.80 per share.

Conversely, FCMB Plc topped the day’s 15 gainers with an appreciation of 5.51 per cent or 7 kobo to close at N1.34 per share, Dangote Sugar Plc followed having gained 4.96 per cent or 33 kobo to close at N6.98 per share and NPF Micro Finance bank Plc garnered 4.44 per cent or 4 kobo to close at 94 kobo per share.

AIICO Insurance Plc improved by 4.41 percent or 3 kobo to close at 71 kobo per share and Airservice Plc added 3.83 per cent or 8 kobo to close at N2.17 per share.

The volume of shares traded in the course of Monday’s session was 118.4 million worth N1.27 billion and exchanged in 2,899 deals an un-improved performance when compared to 120.84 million shares worth N1.27 billion bought and traded by investors in 3,307 deals last Friday.

FBN Holdings was the most active, accounting for 32.9 million shares worth N108.5 million, Access came second with a total of 17.1 million shares valued at N95.4 million and Fidelity third with a sale of 8.4 million shares worth N8.8 million.