• Sunday, May 19, 2024
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NSE swings to loss in intra-day as oil drops to $30

NSE swings to loss in intra-day as oil drops to $30

Stocks on the Nigerian Stock Exchange (NSE) slipped from early gains into a loss in intra-day Monday following a big drop in oil price to levels seen in 2016.

The All Share Index fell to -0.01% by 1:58pm in Lagos while Brent was trading is $30.68 on the futures market, 9.36% lower than it opened for the day.

Transcorp is down 10% while First Bank (-5%) UBA (-4.67%), Fidelity (-4.76%, FCMB (-4.49%) and WemaBank (-2.22%) are among the laggards.

On the other hand, United Capital (10%), Zenith Bank (5.04%), Union Bank (10%) and ETI (5.43) are among the gainers.