Stock market continues bearish run, sheds N225bn
The Nigerian stock market continued on its downward streak, declining by N225 billion as some investors intensified sell-off. Having peaked at N12.854 trillion middle of this month, profit-taking and portfolio realignment by foreign institutional investors and fund managers sent the market on a free-fall. And since the bears took control of the market, it has lost over N1.5 trillion as at Tuesday.
A total of N225 billion was wiped off the market value to close at N11.296 trillion while the Nigerian Stock Exchange (NSE) All-Share Index declined by 1.9 per cent to close at 37,751.40 Tuesday.
An analysis of the performance of the market in the first two days of the week, indicated that the market capitalisation has dipped by N418 billion.
Out of the 60 stocks that recorded price changes, 48 stocks were price losers while only 12 appreciated. Petroleum product marketing firm, Total Nigeria Plc led the price losers with N8.0 to close at N157.00 per share. Cadbury Nigeria Plc trailed with a decline of N5.00 to close at N50.00 per share. Nigerian Breweries Plc shed N4.99, while PZ Cussons Nigeria Plc shed N4.50.
On the positive side, Nestle Nigeria Plc led, appreciating by N2 to close at N993, trailed by Northern Nigeria Flour Mills Plc with a gain of N0.52.