31 losers drag down the stock market •As market dips by 1%

Equities trading on the Nigerian Stock Exchange (NSE) resumed the week on a bearish note as lead  indicators further dipped by 1.0 per cent. The All Share Index lost 303.34 points to close at  29,002.06 compared to the closing figure of 29,305.40 points recorded last Friday.

Market capitalisation also decline to nine trillion naira mark closing at N9.960 trillion compared to  N10.064 trillion recorded as the closing figure for last week.

Skye Bank Plc topped the day’s 31 losers with a decline of 9.52 per cent or 10 kobo in its share  value to close at N9.52 per share, following the resignation of the Bank’s MD and board members  as well as the Central Bank’s decision to take over the bank. Other laggards were: Honeywell Flour

Mills Plc which shaved off 6.21 percent or 10 kobo to close at N1.51 per share, Guinness Nigeria Plc  closed at N99.50 per share as it lost 5.21 percent or N5.47, while FBN Holdings Plc also depreciated by 5.13 percent or 20 kobo to close at N3.70 per share and Forte Oil Plc dropped 5 percent or N9.51 to close at N180.84 per share.

On the other hand, Oando Plc led 10 gainers with an advancement of 10.16 percent or 68 kobo to close at N7.37 per share. VANLEER Plc followed with a gain of 4.98 percent or 46 kobo to close at N9.69 per share, Red Star Express Plc added 4.88 percent or 21 kobo to close at N4.51 per share, while Continental Reinsurance  Plc and DN Meyer Plc appreciated by 4.55 and 4.44 percent or 5 kobo and 4  kobo each to close at N1.15 and 94 kobo per share respectively.

At the end of the day’s trading session, investors had exchanged a total of N142.8 million shares worth N1.35 billion in 3,321 deals compared to N189.7 million shares worth N2.2 billion exchanged in 3,486 deals on Friday.

FBN Holdings topped volume movers having sold 21.8 million shares followed by Zenith Bank which traded 12.5 million shares and Access Bank 11.7 million shares.