Nigerian Stocks Record N44bn Loss

The Nigeria Stock Exchange loss 44 billion Naira on Wednesday due to depreciation in 25 stocks at the end of trading on the floor of the NSE.

The market capitalisation closed at N9.868tn from N9.911tn on Tuesday, while the NSE All-Share Index plunged to 28,730.42 basis points from 28,857.34 basis points.

An aggregate of 190.302 million shares valued at N2.342bn exchanged hands in 4,578 deals.

The market recorded a highest index point of 29,002.06 basis points in the course of trading, while its lowest and average index points were 28,730.42 and 28,851.66 basis points, respectively.

Skye Bank Plc, Forte Oil Plc, Glaxo Smithkline Consumer Plc, John Holt Plc and Eterna Plc emerged as the top five losers.

Skye Bank shares dropped by N0.06 (8.22 per cent) to close at N0.67 from N0.73, as Forte Oil also recorded a loss of N7.56 (4.63 per cent) to close at N155.75 from N163.31.

Similarly, GSK share price plunged by N0.77 (4.10 per cent) to close at N18.00 from N18.77, while John Holt shares saw a decline of N0.03 (3.85 per cent) to close at N0.75 from N0.78.

In the same vein, Eterna share price depreciated by N0.10 (3.85 per cent) to close at N2.50 from N2.60.

Other losers were Tiger Branded Consumer Goods Plc, Cadbury Nigeria Plc, Ecobank Transnational Incorporated Plc, Oando Plc, Diamond Bank Plc, Wema Bank Plc, Union Bank of Nigeria Plc, Nigerian Aviation Handling Company Plc, Trans-national Express Plc, Guaranty Trust bank Plc, Fidelity Bank Plc, United Capital Plc, Zenith Bank Plc, FBN Holdings Plc, Nigerian Breweries Plc, Dangote Cement Plc, Conoil Plc, Dangote Sugar Refinery Plc, UACN Plc and Guinness Nigeria Plc.

A total of 15 firms recorded gains on their share prices led by Transnational Corporation of Nigeria Plc, Honeywell Flour Mill Plc, AxaMansard Insurance Plc, FCMB Group Plc and Nascon Allied Industries Plc.