Nigerian Exchange Limited Loss N259 Billion in Mondays Trading Session

On Monday, the Nigerian Exchange Limited recorded a loss of N259 billion following the losses that were seen in equities of some medium-cap companies and this pushed the market capitalization to loss yesterday.

Market capitalization and the All-Share Index declined by 0.66% to N38.823tn and 70,946.83 respectively as the year-to-date returns moved to 38.43%.

Top of the losers list was BUA Cement whose shares declined by 10% in value to close at N93.60 per unit from N104.

Other affected stocks include Dangote Sugar (-0.43 per cent), Lafarge (-0.17 per cent), Oando Plc (-2.12 per cent), Fidson (-3.53 per cent), NGX Group (-0.68 per cent), Zenith Bank (-0.43 per cent) and United Bank for Africa (-0.23 per cent).

Transaction volume on the local bourse dipped to 358.53 million units from 361.12 million trades valued at N7.10 billion which were exchanged in 6,433 deals. The number of stocks traded in Monday’s trading session stood at 121, PUNCH reports.

Even with the heavy losses recorded yesterday, market sentiments remained positive, clearing a clear path for 33 stocks to gain while 26 lost.

Top Gainers: Thomas Wyatt gained 10% to close at N2.75 per unit, FBNH gained 9.93% to close at N24.35 per unit, Daar Communications gained 9.68% to close at N0.34, DEAP Cap's shares rose by 9.68% to close at N0.68, and Neimeth gained 9.63% to close at N2.05 per unit.

Top Losers: BUA Cement lost by 10% , McNichols' shares lost by 9.33% to close at N0.68 per unit, Computer Warehouse Group lost by 7.50% to close at N6.66 per unit, Mutual Benefit lost by 7.14% to close at N0.52 and UPDC  also declined by 7.14% to close at N1.17.

Drivers: The volume and value drivers of the day were Universal Insurance, indigenous Transnational Corporation, the largest cap stock, Airtel Africa and banking stock, GTCO.

Across the sectors, performance was predominantly in the bearish region as three out of the five sectors tracked, closed in the red zone. The Insurance, Oil/Gas and Industrial Goods indexes recorded losses of 0.28%, 0.01% and 4.21%, respectively, while the Banking and Consumer Goods sectors advanced by 0.01% and 0.06%, report shows.