NSE Stock market kicks off with N163bn loss on forex trading

It was further reported that the occurrence was recorded on the first day of foreign exchange trading under the new forex framework.

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Nigerian Stock Exchange play

Nigerian Stock Exchange

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As the stock market kicked off on the floor of the Nigerian Stock Exchange on Monday, June 20, 2016, a total of N163bn loss was recorded in market capitalisation at the close of trading.

According to a report by Punch Newspapers, Ecobank Transnational Incorporated Plc led a total of 33 losers that also include Nigerian Breweries Plc, Nigerian Aviation Handling Company Plc, PZ Cussons Nigeria Plc and Dangote Sugar Refinery Plc.

It was further reported that the occurrence was recorded on the first day of foreign exchange trading under the new forex framework.

The report revealed that the NSE market capitalisation dropped to N9.881tn from N10.044tn; the All-Share Index also slid to 28,769.90 basis points from 29,247.27 basis points recorded on Friday.

The highest index point attained in the course of trading was 29,247.27 basis points, while the lowest and average index points were 27,034.05 and 28,286.61 basis points, respectively in an aggregate of 416.661 million shares worth N2.252bn that were traded in 4,684 deals.

ETI's sharp price depreciated by N0.85 (five per cent) to close at N16.15 from N17, while the Nigerian Breweries' shares dropped by N7.44 (five per cent) to close at N141.42 from N148.86.

Also recorded were NAHCO shares, which slid to N4.02 from N4.23, losing N0.21 (4.96 per cent) and PZ Cussons which depreciated by N1.09 (4.91 per cent) to close at N21.11 from N22.20.

Dangote Sugar was not left out as its shares dropped to N6.66 from N7, losing N0.34 (4.86 per cent).

Other losers on the market floor were NPF Microfinance Bank Plc, Airline Service and Logistics Plc, Diamond Bank Plc, NEM Insurance Company Nigeria Plc, Fidelity Bank Plc, May & Baker Nigeria Plc, Zenith Bank Plc, FCMB Group Plc, Guinness Nigeria Plc, Berger Paints Plc, Continental Reinsurance Plc, Guinness Nigeria Plc, Berger Paints Plc, Continental Reinsurance Plc, Vitafoam Nigeria Plc, Tiger Branded Consumer Goods Plc and Learn Africa Plc.

The list also include Skye Bank Plc, FBN Holdings Plc, Nascon Allied Industries Plc, Dangote Cement Plc, Access Bank Plc, Stanbic IBTC Holdings Plc, Unilever Nigeria Plc, UAC Property Development Company Plc, Wema Bank Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc, Unity Bank Plc, Africa Prudential Insurance Plc and Ashaka Cement Plc.

However, the floor didn't close with all round losers, as a total of 17 stocks made the gainers’ table with Neimeith International Pharmaceuticals Plc.

Following the gainers' path was also the Law Union and Rocks Insurance Plc, Champion Breweries Plc, Glaxo Smithkline Consumer Plc and Honeywell Flour Mill Plc.

Other gainers were Nestle Nigeria Plc, Axa Mansard Insurance Plc, University Press Plc, Livestock Feeds Plc, AG Leventis Nigeria Plc, Custodian and Allied Plc, International Breweries Plc, Total Nigeria Plc, Transnational Incorporation of Nigeria Plc, Forte Oil Plc, Flour Mills Nigeria Plc and Cadbury Nigeria Plc.

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