22 Firms Depriciate As Storck Market Suffers N45bn Loss

N45bn is said to be lost in Nigeria Stock Exchange market capitalization on Monday after the shares of 22 firms depreciated in value.

The NSE All-Share Index dropped points at week open, shedding 0.47 per cent amid mixed performances in key sectors.

The market capitalization slid to N9.308tn from N9.353tn, while the NSE ASI fell to 27,103.38 basis points from 27,232.62 basis points at the close of trading on the Exchange’s floor.

A total of 152.329 shares worth N2.290bn exchanged hands in 3,406 deals. In all, only 15 stocks appreciated in value.

Unity Bank Plc, Oando Plc, Honeywell Flour Mill Plc, Infinity Trust Mortgage Bank Plc and Lafarge Africa Plc emerged as top five losers.

Unity Bank shares dropped by N0.07 (5.83 per cent) to close at N1.13 from N1.20, while those of Oando slid to N6.65 from N7, shedding N0.35 (five per cent).

Honeywell Flour Mill share price also recorded a loss of N0.08 (4.62 per cent) to close at N1.65 from N1.73, while that of Infinity Trust Mortgage Bank closed at N1.47 from N1.54, losing N0.07 (4.55 per cent).

Other losers were May & Baker Nigeria Plc, Continental Reinsurance Plc, Berger Paints Plc, Nestle Nigeria Plc, Cadbury Nigeria Plc, Africa Prudential Registrars Plc, Dangote Sugar Refinery Plc, Axa Mansard Insurance Plc, International Breweries Plc, AIICO Insurance Plc, Tiger Branded Consumer Goods Plc, Fidson Healthcare Plc, Skye Bank Plc, Dangote Cement Plc, among others.

On the other hand, Champion Breweries Plc, Diamond Bank Plc, Access Bank Plc, NEM Insurance Company Nigeria Plc and Unilever Nigeria Plc emerged as the top five gainers.

The shares of Champion Breweries appreciated by N0.16 (5.90 per cent) to close at N2.87 from N2.71, while those of Diamond Bank went up by N0.12 (5.66 per cent) to close at N2.24 from N2.12.

Market analysts said the capital market was unlikely going to see advancements in the performance of indices this week owing majorly to the continued delay by the Central Bank of Nigeria in developing the new foreign exchange framework for the country.

The Nigerian Stock Exchange was unable to shake the previous week’s negative mood particularly as a result of this inaction.