Stock market value falls below N14tn, investors lose N153bn
The total market value of all companies trading on the Nigerian Stock Exchange fell below the N14tn mark on Wednesday, for the first time since January 8, 2018.
With no trading on Tuesday, which was declared as a public holiday to mark the Democracy Day, the stock market resumed its losing streak on Wednesday as it fell for the ninth consecutive trading day.
The stock market has lost nearly N1tn in 26 days as the market capitalisation slipped to N13.984tn on Wednesday from N14.137tn on Monday and N14.930tn on May 4.
The NSE All-Share Index dipped to 38,606.41 basis points on Wednesday from 39,028.51 basis points on Monday.
The market capitalisation hit a record high of N16.154tn on January 18 on the back of greater impetus from the recovery in global oil prices, increased domestic reserves, greater foreign exchange market stability and declining inflation.
Twenty-five firms recorded price depreciation on Wednesday, with Ikeja Hotel Plc leading the pack, as its share price fell by 7.04 per cent to close at N2.51.
A.G. Leventis (Nigeria) Plc saw its share price shedding 6.78 per cent to close at N0.55, while GlaxoSmithKline Consumer Nigeria Plc dropped by 4.95 per cent to close at N19.20 per share.
Lafarge Africa Plc depreciated by 4.94 per cent to close at N36.60 per share, while International Breweries Plc lost 4.92 per cent to close at N49.25 per share.
Other losers were Sterling Bank Plc, Union Diagnostic and Clinical Services Plc, Japaul Oil & Maritime Services Plc, Nigerian Breweries Plc, Law Union & Rock Insurance Plc, Airline Services and Logistics Plc, Nestle Nigeria Plc, Continental Reinsurance Plc, Veritas Kapital Assurance Plc, C & I Leasing Plc, Unity Bank Plc and Ecobank Transnational Incorporated.
Twenty-three stocks recorded price appreciation on Wednesday, led by Consolidated Hallmark Insurance Plc, which rose by 6.25 per cent to close at N0.34 per share.
The FCMB Group Plc gained five per cent to close at N2.10 per share, while Flour Mills of Nigeria Plc increased by 4.98 per cent to close at N31.60 per share.
Fidson Healthcare Plc appreciated by 4.87 per cent to close at N6.24 per share, while Dangote Flour Mills Plc rose by 4.68 per cent to close at N8.95 per share.