Stock market sheds N164bn on first day of new forex regime

The equities market on Nigerian Stock Exchange (NSE) closed a negative trend on Monday as against the uplift recorded last week attributed to the release of flexible foreign exchange guidelines.

The major indicator of the market trend, All Share Index depreciated by 1.63 per cent to close at 28,769.90 basis points, compared with the 2.66 per cent appreciation recorded previously, as it’s Year-to-Date (YTD) returns stand at +0.45 per cent.

Speculative trading by investors closed the market red as market capitalisation shed N164 billion, leaving the N10 trillion mark at N9.9 trillion.

Nestle Nigeria Plc led the advanced list, measured by value, as it’s share value leaped by 37.85 per cent as it added N37.85 to close at N794.88 kobo per share. Total Nigeria Plc also improved it’s share vvale to N177 as against N173.01 kobo per share it traded.

Forte Oil Plc also added two naira to its equities as it closed at N198 per share, while Glaxo Smithkline Nigeria Plc appreciated it’s share price to N15 by adding 56 kobo per share.

Conversely, Nigerian Breweries Plc took the lead on the southward bench as it lost N7.44 kobo from N148.86 per share it traded. Guinness Nigeria Plc also shed N4.1 kobo from its share value to close at N99.9 per share. Also, Dangote Cement Plc share value depreciated to N179.99 per share having lost N3.82 kobo. Ecobank Transnational Incorporated lost 85 kobo from N17 to close at N16.15 kobo.

Market turnover also closed  negative as volume declined by 33.72 per cent against 1.68 per cent uptick recorded in the previous session.

However, United Bank for Africa Plc, Diamond Bank Plc  and First Bank of Nigeria Holdings Plc were the most active to boost market turnover, while United Bank for Africa and First Bank of Nigeria Holdings Plc top market value list having traded shares worth N286.9 million and N382.7 million respectively.

At the end market session, investors traded 417 million shares worth N2.3 billion in 4,684 trades.