Losses recorded by largely capitalised stocks contributed to rerouting the equities market southwards after several days of bull-run.
The stock market lost N1bn driven by share price decline recorded by companies like Julius Berger Nigeria plc, Total Nigeria plc, Guinness Nigeria plc, Nestle Nigeria plc, and Cadbury Nigeria plc.
The market capitalisation of equities listed on the main board dropped from N14.070trn to N14.069trn; while the Nigerian Stock Exchange (NSE) All Share Index (ASI) declined from 42,611.30points to 42,609.75 points. In 5,488 deals, equity dealers exchanged 388,936,179 units valued at N4.477bn.
Julius Berger Nigeria plc led the losers table after its share price dropped from N76.45 to N69, down by N7.45; Total Nigeria plc followed after declining from N179.60 to N173, down by N6.60.
Other top losers include Guinness Nigeria plc which dropped from N198 to N192.02, down by N5.98; Nestle Nigeria plc dipped by N5, from N1,150 to N1,145; while Cadbury Nigeria plc lost N2, from N80 to N78.
Gains recorded by most companies were not able to sustain the market on the positive route. Top gainers on the bourse include Seplat Petroleum Development Company plc, Forte Oil plc, GlaxoSmithKline Consumer Nigeria plc, UAC of Nigeria plc and International Breweries plc.
Seplat Petroleum Development Company plc led the gainers table after its share price rose by N20.50, from N700 to N720.50; followed by Forte Oil plc which garnered N7, from a low of N200 to N207.
GlaxoSmithKline Consumer Nigeria plc appreciated by N4, from N64 to N68; UAC of Nigeria plc rose from N65.10 to N67.85, adding N2.75; while International Breweries plc appreciated from N28 to N29.01, adding N1.01.
FBN Holdings plc, FCMB Group plc, Transnational Corporation plc, NEM Insurance Company Nigeria plc, and Oando plc were the actively traded stocks at the Nigerian Stock Exchange yesterday.
Iheanyi Nwachukwu
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