Equity market closes lower, sheds N437bn

The Nigeria stock market Monday closed negative, shedding N437 billion as price depreciation recorded in the shares of MTN Nigeria, GTCO Plc, FBNHoldings, Abbey Building Society, Fidelity Bank offset gain recorded by Geregu Power, Cadbury and others.

Specifically Market capitalisation of listed equities declined by  0.76 per cent to N56.721 trillion from N57.158 trillion reported the previous day.

The NGX All Share Index also depreciated by761.42 basis points to 103659.81 points from 104421.23 recorded on Friday.

As a result year to date return went to 38.63 per cent as the Exchange printed 26 gainers against 29 losers.

An analysis of the Investment showed that Five companies appreciated by 10 per cent each at the close of trading on Monday. The NGX trading result showed that May and Baker, Cornerstone Insurance, Cadbury gained 10 per cent each to close at N6.93, N2.09 and N22.00 per unit respectively. Daar Communications and Meyer Paint also gained 10 per cent to close respectively at N0.77 and 4.73 per unit.

On the contrary, Abbey Building Society recorded the highest loss at the close of transaction on Monday, declining by 9.70 per cent to close at N2.70 per share, Livestock Feeds trailed with a loss of 9.66 per cent to close at N1.87 per unit, Fidelity Bank down by 9.37 per cent to close at N11.60 per share, Jaiz Bank dipped by 7.93 per cent to close at N2.67 per unit, MTN N depreciated by 5.52 per cent to close at N274.00.

Volume of activities declined by 101.957 million representing 10.81 per cent as investors traded 841.551 million shares valued at N19.327 billion in 13674 deals against 943.508 million shares cost N23.475 billion in 11572 deals.