Nigerian Stock Market Starts a New Week with N20bn Loss

Investors in the Nigerian stock market lost close to N20 billion on Monday as the market capitalization sloped downward from N20.29 trillion to N20.27 trillion at the close of trading.

Following closely, banking, insurance and consumer goods sectors are the most affected. The All-Share Index ended the session with a loss of 37.45 points or 0.10 per cent to close at 38,906.42 against 38,943.87 achieved on Friday.

The volume of shares traded on the exchange rose by 23.12 per cent from 155.10 million valued at N1.95bn in 2,906 deals to 190.96 million shares worth N2.35bn traded in 3,462 deals.

Examining by sectors, the NGX Banking, Insurance and Oil & Gas indices fell by 0.70 per cent, 0.70 per cent and 0.08 per cent respectively, while the Consumer Goods and Industrial indices appreciated by 0.16 and 0.13 per cent each.

Market sentiment as measured by market breadth was flat as both gainers and losers amounted to 19. Consolidated Hallmark Insurance Plc led the gainers’ chart with a 9.62 per cent increase, ending the day at N0.57 per share. Next was Chams Plc rising by 9.52 per cent to N0.23 per share. Other major gainers were Courtville Business Solutions Plc (+6.90 per cent), Wema Bank Plc (+3.95 per cent) and the Nigerian Aviation Handling Company Plc (+3.62 per cent).

On the top losers’ chart, SCOA Nigeria Plc price dropped by 9.43 per cent, ending at N0.96 per share. Veritas Kapital Assurance Plc followed with an 8.70 percent depreciation to close at N0.21 per share.

The share prices of Linkage Assurance Plc, PZ Cussons Plc and Cornerstone Insurance Plc also declined by 6.56 per cent, 5.98 per cent and 5.77 percent one-to-one.