NSE: Lafarge, Unity Bank top losers as stock market shed N233billion

There were expectations that giving the relative attractive violations in the market, the market might open on a positive note this week.  However, that was not to be as the bears tightened their grip on the market following losses by highly capitalised stocks.

The bears continued to dominate trading activities on the floor of Nigerian Stock Exchange, depressing market capitalization to N9.1 trillion with the market shedding N233 billion at the end of trading activities.

Also the All-Share Index declined by 2.5 per cent to close at 26,350.18. At the close of trading only six stocks appreciated while 39 depreciated. Also, whereas the six gainers were stocks with low market capitalisation, bellwether stocks such as Dangote Cement Plc, Nigerian Breweries Plc., and Lafarge Africa Plc made the losers’ chart

Lafarge Africa Plc led the losers with 9.6 per cent, trailed by Unity Bank Plc and Eterna plc, which shed 9.4 per cent and 9.0 per cent respectively. Oando Plc, Transcorp Plc, Cement Company of Northern Nigeria Plc and FBN Holdings Plc went down by 6.9 per cent, 6.0 per cent, 4.9 per cent and 4.8 per cent.

On the other hand, Ashaka Cement Plc and Total Nigeria Plc led the price gainers with 5.0 per cent apiece. McNichols Plc garnered 4.3 per cent, while Learn Africa Plc, Wema Bank Plc and African Prudential Registrars Plc appreciated by 3.6 per cent, 3.0 per cent and 1.2 per cent in that order.

In the all sectoral indicators, NSE Industrial Goods Index dipped 6.4 per cent on losses by Dangote Cement and Lafarge Africa, while the NSE Consumer Goods and NSE Insurance indices fell by 1.5 per cent apiece. The Consumer Goods index decline was influenced by sustained depreciation in Nigerian Breweries Plc, AXA Mansard Index drove loss in the Insurance index.  The NSE Banking and Oil & Gas Index went down by 0.6 per cent each.