Market Capitalization Sheds N31billion on Dismal First Trading Day

Trading in equities closed in the red on the Nigerian Stock Exchange, NSE, on Monday, February 1, yesterday, bring to a screeching halt the bull trend that trailed trading on Friday, January 29.

Specifically, the All Share Index slid 0.3 per cent to close at 23,826.76 points, compared to the decline of 1.34 per cent recorded on Friday to close at 23,916.15 points.

Market capitalisation shed N31 billion to close at N8.19 trillion as against the decrease of N30 billion recorded on Friday to close at N8.22 trillion. An analysis of the price movement table indicated that Forte Oil Plc led the losers’ pack with a loss of N14.89 to close at N282.94 per share.

Seven Up Plc trailed with N9.80 to close at N186.20 per share, while Total Nigeria Plc shed N7.50 to close at N142.50 per share. Guinness Nigeria Plc declined N4.30 to close at N111.20, while Conoil Plc dipped N2.40 to close at N22.34 per share. Conversely, Seplat Plc led the gainers’ table, increasing by N9.71 to close at N203.96 per share. Zenith Bank Plc added N1.08 to close at N13.69 per share, while International Breweries Plc increased by 80 kobo to close at N16.80 per share.

Cement Company of Northern Nigeria Plc added 48 kobo to close at N10.08 per share, while UAC-Property Plc was up by 26 kobo to close at N5.46 per share. Further analysis showed that United Bank for Africa Plc (UBA) recorded the highest volume, exchanging 96.5-4 million shares worth N278.26 million.

Dangote Cement Plc followed with 30.29 million shares valued at N3.63 million, while FBN Holdings sold 23.15 million shares worth N93.20 million. Zenith Bank Plc exchanged 21.97 million shares valued at N297.22 million, while FCMB Plc sold 18.82 million shares worth N18.46 million. In all, investors spent N5.95 billion on 262.36 units of shares in 3,887 deals