STRIKE: Equity Market Records N102BN Loss

In the wake of the Nation-wide strike that rocked the country on Monday, the Nigerian Exchange Limited (NGX) lost N102bn, underpinned by losses in First Bank of Nigeria Holdings, Seplat Energy and Transcorp.

The All-Share Index declined and market capitalisation by 0.18 per cent to settle at 99,118.86 basis points and N56.07tn, respectively.

The day’s trading saw a prevalence of bearish activity with the exchange witnessing more decliners (23) than gainers (17).

Last week, the stock market experienced a bullish trend, with investors gaining N954bn.

At the end of the week, the market capitalisation and the All-Share Index appreciated by 0.02 per cent to close at N56.17tn and 99,300 points, respectively.

On Monday, E-tranzact International led the losers’ chart, shedding  9.82 per cent to close at N5.05; Unity Bank lost 9.80 per cent to N1.38, and Jaiz Bank dipped by 9.65per per cent to close at N2.06.

Leading the gainers’ chart were Cornerstone Insurance Company and Deap Capital Management and Trust with a 10.00 per cent appreciation to N2.09 and N0.44, respectively and Oando, which gained 9.75 per cent to close at N12.95.

Consequently, the year-to-date return decreased to 32.6 per cent from 32.8 per cent.

The volume and value exchanged shed 19.5 cent and 38.9 per cent to 349.6 million units and N5.2bn, respectively, as activity level decreased.

Four indexes saw losses, one gained, and the Oil and Gas index closed flat.

The price declines in FBNH and UBA caused the banking index to fall 0.8 per cent, while sales pressure on Nigerian Brewery, WAPCO, and Julius Berger followed suit, causing the Consumer and Industrial Goods indices to decline by 0.1 per cent each.

The Insurance index had a 2.8 per cent increase due to price appreciation on Custodian and Allied and CORNERST.