• Saturday, December 09, 2023
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Stock market depletes further by N136billion


 The value of equities on the Nigerian Stock Exchange (NSE) yesterday depleted by about N136billion as supply further outweighed demand for stocks at Customs Street.

This loss reflected on the level of stock market capitalisation which dropped from N10.910trillion to N10.774billion; while the NSE All Share Index (ASI) dropped to 33,665.57 points from a level of 34,089.01 points in the preceding trading day.

Losses recorded in blue-chip stocks contributed majorly to this huge level of decline witnessed after trading yesterday.

Particularly, investors’ efforts to offload stocks of Lafarge Cement Wapco plc, Nigerian Breweries plc, UACN plc, Nestle Nigeria plc, and Guinness Nigeria plc negatively impacted these stocks pricing.

For instance, Lafarge Cement Wapco lost N3.80kobo, from initial price of N87.70kobo to close at N83.90kobo. Nigerian Breweries followed after its share price dipped by N3.01kobo, from N171.01kobo toN168. UACN declined from N59 to N56.08, losing N2.92; Nestle Nigeria dipped by N1, from N973 to N972; while Guinness also dropped by N1, from N265 to N264.

With the development, the market has defied analysts for the second time this week, as the performance indicators closed southwards at the close of trading on the Nigerian bourse.

In 7,232 deals, equity dealers exchanged 573,759,971 shares valued at N5.852billion.

On the gainers list, price gains recorded in the shares of Okomu Oil Palm plc positioned it ahead of other equities. The company’s share price rose from N97 to N106, adding N9; followed by Dangote Cement plc which rose from N156 to N157.02, after adding N1.02.

Other stocks that appreciated include PZ Cussons plc which gained N0.30, from N35.20 to N35.50; Fidelity Bank plc also gained after its share price rose from N2.71 to N2.90, adding N0.19; while RTBriscoe garnered N0.16, from N1.94 to N2.10.