JUST IN: Tragedy Hits Nigerian Stock Exchange Market, As Investors Lose Billions Of Naira Under President Buhari’s Watch

By Joshua Amaugo July 18, 2018 08:53

JUST IN: Tragedy Hits Nigerian Stock Exchange Market, As Investors Lose Billions Of Naira Under President Buhari’s Watch

Reports reaching Post-Nigeria, indicates that another tragedy has hit the Nigerian Stock Exchange Market, NSE, as Investors lost a whopping N110 billion, on the trading floor.

It was gathered that continued share price depreciation on the equity sector of the NSE, on Tuesday, July 17, pulled the market capitalization further down by N110 billion.

A breakdown of market activities at the close of trading yesterday, showed that All-Share Index, NSE-ASI, shed 303.16 absolute points, representing a decline of 0.81 percent, to close at 36,963.70 points, while year-to-date loss rose to 3.35 percent.

Also, the market capitalization declined by N110 billion, to close at N13.390 trillion.

Investigation showed that the depreciation was impacted by losses recorded in medium and large capitalised stocks, Okomu Oil, Stanbic IBTC Holdings, Lafarge Africa, International Breweries, and Julius Berger.

Analysts at Afrinvest Limited said: “Despite the negative sentiment in the market, we anticipate a rebound in subsequent sessions, as investors hunt for bargain opportunities.

“Our view is further buttressed by the Relative Strength Index, RSI, of 36.1 points, which is close to the oversold region.”

Market breadth closed negative, with 14 gainers, versus 33 losers. Sovereign Trust Insurance recorded the highest price gain of eight percent, to close at 27 kobo per share.

Wema Bank followed with a gain of 7.94 percent, to close at 68 kobo, while Japaul Oil and Maritime Services, appreciated by 6.45 percent, to close at 31 kobo per share.

Mutual Benefits Assurance appreciated by 5.88 percent, to close at 36 kobo, while Continental Reinsurance gained 3.45 percent, to close at N1.50 per share.

On the other hand, Capital Oil, and Julius Berger, led the losers chart by 10 percent each, to close at 27kobo and N24.30 respectively, while GlaxoSmithKline Consumer Nigeria followed with a loss of 9.97 percent, to close at N16.70 per share.

PZ Industries declined by 9.94 percent, to close at N15.40, while Consolidated Hallmark Insurance shed 9.68 percent, to close at 28kobo per share.

Also, the total volume traded declined by 32.84 percent, to 203.80 million shares worth N2.39billion, traded in 4,178 deals.

Transactions in the shares of Transnational Corporation of Nigeria, Transcorp, topped the activity chart with 20.71 million shares, valued at N26.56 million.

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