Trading on the floor of the Nigerian Stock Exchange (NSE) saw prices of stock falling lower and thus dragged down the market capitalisation for the fifth day with investors losing N145 billion in one day and recording a loss of N299 billion in two days. Market capitalisation closed at N14.389 trillion. The free fall continued on Friday, with the market capitalisation shedding N145 billion or 1.01 per cent to close lower at N14.244 trillion.
As a result the All-Share Index which opened at 39,723.85 lost 400.23 points or 1.01 per cent to close at 39,323.62 following price loses. A breakdown of the price movement table showed that Guinness topped the losers’ chart for the day, shedding N4 to close at N100 per share. Flour Mills Nigeria trailed with a loss of N1.50 to close at N49, Julius Berger was down by N1.45 to close at N27.55 per share, while Glaxosmithkline depreciated by N1.02 to close at N20.50 per share.
Commenting on the persistent market drop, Mr Ambrose Omordion , the Chief Operating Officer, InvestData Ltd, attributed the development to the exit of foreign portfolio investors. Omordion said foreign portfolio investors were offloading and running for safety as “political risks” surrounding the 2019 general elections were beginning to play out. He said investors at the moment had two options of investing for long-term or to sell down in order to cut the huge losses to invest back when eventually the market rebounded. On the other hand, MRS led the gainers’ table, gaining N1.70 to close at N36.05 per share.
UACN followed with a gain of 55k to close at N15.05, while Fidson Healthcare gained 25k to close at N5.95 per share. Ikeja Hotel added 23k to close at N2.58, while Sterling Bank increased by 6k to close at N1. 35 per share. On a bright note, FCMB group recorded the highest volume of activities during the day, trading 44.016 million shares worth N98.29 million.
The financial service sector remained the most active with Zenith International Bank emerging the toast of investors, accounting for 22.21 million shares valued at N590.59 million. United Bank for Africa sold 21.43 million shares worth N228.17 million, while Regency Alliance Insurance traded 20.81 million shares valued at N5.41 million. FBN Holdings trailed with an exchange 19.99 million shares worth N194.09 million. In all, investors bought and sold 295.99 million shares valued at N2.95 billion achieved in 4,911 deals against the 256.43 million shares worth N2 billion transacted in 4,111 deals.