Investors’ confidence in Nigeria’s stock market at lowest ebb as equity capitalisation drops to N21tr

Nigeria’s stock market continued its worst performance in the year as the market capitalisation plunged further on Monday.

At the end of trading activities on the floor of the Nigeria Stock Exchange (NSE), the equity capitalisation dropped to N21.008 trillion from N21.025 trillion recorded on Friday.

The volume of shares traded on the floor of the stock exchange also dropped from 307.78 million to 289.33 million on Monday.

The investors’ low confidence also affected the All Share Index (ASI) which dropped further to 40,154.09 from 40,186.70 reported on Friday.

Meanwhile, deals completed on Monday were put at 4,953, above the 4,393 deals sealed last Friday.

The value of shares also increased from N.2.90 billion to N3.57 billion on Monday.

At the end of trading, UPDCREIT’s share price appreciated to N5.85kobo per share from N5.35kobo following a gain of N0.5kobo.

Consolidated Hallmark Insurance share price increased by 9.09 percent and moved from N0.33kobo to N0.36kobo.

Academy made the list following a 8.57 percent increase in its share price to move from N0.35kobo to N0.38kobo per share.

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Cornerstone was one of investors’ favourite, pushing its share price up by 7.81 percent to end the trading at N0.69kobo against the N0.64kobo it opened trading with on Monday.

UPL also recorded a 7.50 percent increase in share price and moved from N1.2kobo to N1.29kobo per share at the end of trading.

African Prudential topped the losers’ chart after shielding N0.7kobo to drop from N7.3kobo to N6.6kobo per share.

LASACO also made the list after its share price dropped from N1.68kobo to N1.52kobo following a loss of N0.16kobo.

Niger Insurance share price dipped by 8.70 percent to secure the third spot after ending trading with N0.21kobo from N0.23kobo.

WAPCO’s share price declined from N25 to N23 per share after losing N2 during trading.

Redstar Express completed the list as its share price fell by N0.25kobo to end trading at N3.12kobo, having opened trade with N3.37kobo per share.

For traded shares, First Bank was the most active stock on Monday as investors traded 57.55 million shares worth N419.71 million.

United Capital shares were traded at a volume of 27.44 million and valued at N167.34 million.

GTBank was next with 26.84 million shares traded at a cost of N820.54 million.

United Bank for Africa reported 25.19 million shares worth N210.94 million while Zenith Bank recorded 21.74 million traded shares at a value of N540.27 million.

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