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Market Digest Nigeria

Finance

Gaining streak ends as investors lose N30bn 

investors

Investors lost N30bn on Monday as the Nigerian stock market started the month on a negative note amid profit-taking, ending a five-day gaining streak.

This picture taken on January 29, 2016 in Lagos shows 1000 naira banknotes, Nigeria’s currency.
Nigeria’s central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can’t access dollars required for imports. / AFP / PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)

The market capitalisation of equities listed on the Nigerian Stock Exchange had risen by 3.44 per cent last week as the market continued its upward trend for five consecutive trading sessions.

Investors gained over N1tn in January as the market capitalisation rose to N22.19tn on Friday from N21.06tn at the start of the month.

The NSE All-Share Index, however, dropped by 0.13 per cent on Monday to 42,357.90 basis points from 42,412.66bps last Friday, while the market capitalisation fell to N22.16tn from N22.19tn.

Twenty-eight stocks recorded price reduction on Monday, with Royal Exchange Plc topping the losers’ table as its share price dipped by 10 per cent to N0.36.

Guinea Insurance Plc saw its share price shed 9.09 per cent to close at N0.20, while African Alliance Insurance Plc dropped by eight per cent to close at N0.23 per share.

Julius Berger Nigeria Plc depreciated by 7.28 per cent to close at N21 per share, while Multiverse Mining and Exploration Plc lost 4.55 per cent to close at N0.21 per share.

Thirty-five stocks recorded gains at the close of trading on Monday, with Honeywell Flour Mill Plc leading the park as it rose by 10 per cent to close at N1.43 per share.

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