Stock market sheds over N47bn in four days

Investors at the Nige- rian Stock Exchange (NSE) have lost about N47billion in just four trading days this week as sell momentum persisted on the bourse.

The value of listed equities declined from week-open level of N11.353trillion to close at N11.306trillion; while the NSE All Share Index (ASI) which opened this week at 33,257.90 points dipped to 33,121.65 points in four days.

This shows a 145.22 points or 0.44% decline against the preceding trading day (Wednesday) level of 33,266.87 points.
This comes despite market analysts’ expecta- tions that attractive stock pricing and bargain hunt- ing will somewhat coun- ter bearish mood on Cus- tom Street Lagos.

In 3,435 deals, equity traders also yesterday exchanged 306,597,962 units N5.195billion.

Uni- lever Nigeria plc, GTBank plc, United Bank for Afri- ca plc, FBN Holdings plc, and Diamond Bank plc were the actively traded stock in terms of volume at the local bourse yester- day.

Forte Oil plc led the top losers table after its share price lost N5.99, from N187.99 to N182; followed by Guinness Nigeria plc which dipped by N4.9, from N163.4 to N158.5.

Also, Beta Glass plc declined from N37.32 to N35.46, losing N1.86; Flour Mills of Nigeria plc lost N0.56, from N33.57 to N33.01; while Ashaka Cement plc declined from N22 to N21.5, losing N0.5.

Total Nigeria plc led the top gainers table after its share price rose by N6.5, from N158.5 to N165; followed by Nestle Nigeria plc which rallied by N0.15, from N850.1 to N850.25.

Mansard Insurance plc also appreciated from N2.82 to N2.96, adding N0.14; Eterna plc gained N0.12, from N2.41 to N2.53; while Lafarge Afri- ca plc gained N0.05, from N100 to N100.05.

The Federal Govern- ment 5-year bond yield rose 29 basis points on Thursday after the central bank tightened access to the foreign exchange mar- ket to curb speculation and conserve Nigeria’s dwindling reserves.

The 2020 bond yield rose to 14.49 percent in early trades from 14.2 percent on Wednesday.

Traders said domestic investors and pension

STORIES BY IHEANYI NWACHUKWU