Stock Market Declines 2.5%

23 Nov Stock Market Declines 2.5%

Profit – taking took the stock market down by 2.5 per cent last week. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) shed 2.5 per cent to close at 34,136.82, while market capitalisation closed lower at N17.838 trillion.

The price movement, showed that 55 equities depreciated in price, higher than 12 equities in the previous week, while 21 equities appreciated in price during the week, lower than 69 equities in the previous week.
Coronation Insurance Plc led the price losers with 21.1 per cent, trailed by Oando Plc with 19.7 per cent. Japaul shed 18.1 per cent, just as Transcorp Plc went down by 13.0 per cent. FBN Holdings Plc and Sterling Bank Plc depreciated by 12.1 per cent and 11.9 per cent respectively.

Other top price losers: Nigerian Aviation Handling Company Plc (11.5 per cent); Fidelity Bank Plc, FCMB Group Plc (11.4 per cent apiece); and Union Bank of Nigeria Plc (11.2 per cent).

On other hand, BOC Gases Plc led the price gainers with 39.8 per cent, trailed by Tripple Gee & Company Plc with 19.5 per cent. NEM Insurance Plc chalked up 17.2 per cent. AIICO Insurance Plc gained 12.2 per cent, just as Ikeja Hotel Plc and Linkage Assurance Plc went up by 10 per cent apiece.