LAGOS – Investors’ net worth on the Nigerian Stock Exchange (NSE) on Friday dropped further by N421 billion as a result of sell pressure.
The News Agency of Nigeria (NAN) reports that the market capitalisation lost N421 billion or 3.67 per cent to close at N11.004 trillion against N11.425 trillion posted on Thursday.
The All-Share Index lost 1269 basis points of 3.68 per cent to close lower at 33,225.75, compared with the 34,494.93 achieved on Thursday.
NAN reports that the index dropped by 11.52 per cent in one week to close at 33,225 points.
Also, the market capitalisation lost N1.433 trillion or 11.52 per cent to close at N11.004 trillion as against the N12.437 trillion posted on Oct. 31.
Analysts attributed the persistent lull in the market to exit of foreign investors, the major players, due to global drop in the oil prices.
NAN reports that crude oil price dropped to a new four-year low below $82 a barrel on Nov. 5.
Nestle for the third consecutive day led the losers’ chart by N44.17 to close atN839.33 per share.
It was followed by Forte Oil, which lost N18.98 to N175.77, while Dangote Cement dropped N9.92 to close at N188.53 per share.
Mobil lost N8.52 to close at N161.98, while Lafarge Wapco dipped N4.04 to close at N76.84 per share.
On the other hand, Betaglass recorded the highest price gain, appreciating by N1.05 to N22.05 per share.
NAHCO gained 17k to close at N5, while Union Bank grew by 15 k to close at N6.97 per share.
UBA garnered 9k to close at N4.30 and Costain appreciated by 3k to close at 98k per share.
Linkage Assurance emerged the most traded stock with an exchange of 300 million shares worth N150.
Staco trailed with 197.03 million shares valued N98.52 million, while FBN Holdings accounted for 87.32 shares worth N796 million.
Zenith Bank sold 70.25 million shares valued at N1.39 billion and GTB traded 46.25 million shares worth N1.06 billion.
In all, investors bought and sold 1.01 billion shares valued N6.87 billion transacted in 4,906 deals.
This was against 1.33 billion shares worth N8.37 billion traded in 4,188 deals on Thursday. (NAN)