Nigeria: NSE - Investors Lose N133 Billion in Two Days
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Leadership (Abuja)
18 July 2008
Posted to the web 18 July 2008
Nkiruka Anene
Lagos
Investors in the stock market have continued to experience losses, with a significant loss of N333 billion depreciation recorded in their portfolios in the last two activities.
Following the slight increase at the week's opening gain of N15 billion representing 1.38 per cent, from last week's closing loss, investors have had their fortunes in the market trailed by loses, as total market value continued its nose diving for the a second day running.
The twin market indicators, the All-Share Index, and the market capitalisation of all listed equities again slumped yesterday by 2. 9 per cent, with a loss of N164 billion in the market value.
The Index declined to 52,931.72, from the opening 53,731.62, losing 799.9 points or 1.38 per cent decrease, while total market capitalisation slumped to N10.59 trillion from N10.75 trillion, representing 1.52 per cent decline.
Stakeholders have dispelled the possibility of a crash of the Capital Market, against the backdrop of fears expressed in the wake of the depression which set in recently, with huge losses in the value of investors portfolios.
Losses outweighed gains, as 63 losers emerged on the performance chart, as against 16 price gainers, with a slightly higher volume turnover of 430.66 million shares, valued at N6.12 billion over 415.78 million shares worth N5.24 billion traded at the previous activity.
Chevron led the laggards with N18.60 depreciation to close at N353.40 per share, Guinness followed with N3.60 decrease to close at N120.10 per share, WAPCO lost N2.40 to close at N49.60, while Dangote Sugar and First Bank clipped by N1.31 and N1.23 to close at 29.56 and N41 per share, respectively.
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Union Bank of Nigeria led gainers with N1.92 increase to close at N40.51 per share, followed by ETI with a gain of N1 to close at N39 per share. RT. Briscoe rose by 99 kobo to close at N21.50 per share and BOC Gases and BCC chalked 58 and 54 kobo to close at N20 and N49.54 per share respectively, among other gainers.
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