Business
CAPITAL MARKET: Yuletide, elections dip investors’ worth by N581bn
Sell pressure occassioned by the fast approaching yelutide celebrations and the 2019 general elections caused the net worth of investors on the Nigerian Stock Exchange, NSE, to drop by N581bn in November.
Data from the NSE showed that market capitalisation shed N581bn or 4.90 per cent to close at N11.271trn against N11.852trn achieved in October.
The All-Share Index, which opened at 32,466.27 shed 1,592.1 points to close at 30,874.17 on account of huge losses posted during the period.
The price activity chart for the period under review showed that Diamond emerged worst performing stock in percentage terms, dropping by 53.24 per cent to close at 65k against N1.39 opening price while Eterna Oil came second having dropped by 30.58 per cent to close at N4.20, while Cement Company of Northern Nigeria shed 27.86 per cent to close at N18 per share.
Read also: FOREX INFRACTIONS: CBN to send EFCC after rogue banks, companies
Other major losers were Ikeja Hotel, Lafarge Africa, Niger Insurance, C & I Leasing, Union Diagnostic, NEM Insurance and AG Leventis.
Continental Reinsurance however emerged the best performing stock in percentage terms, growing by 35.14 per cent to close at N2 per share on the strength of its expansion drive and improvement in earnings, followed by GSK with 17.89 per cent to close at N14.50, while MC Nicholas inched 14.68 per cent to close at 47k per share.
Other top gainers were May & Baker, CAP, Beta Glass, NAHCO, Nestle, Presco and AXA Mansard Insurance.
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