Stock Market Extends Bearish Run with 0.03% Loss

By Modupe Gbadeyanka

Bears dominated the Lagos bourse on Tuesday just like the previous day with investors losing N2.4 billion at the close of trading activities.

The poor performance of Forte Oil and 18 other stocks on the floor of the Nigerian Stock Exchange (NSE) left the market with a 0.03 percent loss and the year-to-date return at -5.99 percent.

The All-Share Index (ASI) depreciated by 6.88 points today to end at 25,266.15 points, while the market capitalisation declined by N2.4 billion to finish at N8.742 trillion.

Forte Oil emerged the biggest loser on Tuesday, going down by N2.80k to close at N45 per share.

Seplat lost N1 to finish at N395 per share, while Ecobank sank by 26k to close at N8.44k per share.

Business Post correspondent reports that Dangote Sugar weakened by 16k to end at N7 per share and Nigerian Breweries fell by 15k to close at N125 per share.

On the other side, CAP topped the gainers chart, advancing by N3.3k to close at N32.64k per share, while Okomu Oil progressed by N2.50k to finish at N52.51k per share.

Beta Glass rose by N2.12k to end at N46.40k per share, NASCON gained 80k to finish at N8.62k per share and UACN grew by 79k to close at N15.12k per share.

At the close of trading activities on the floor of the NSE today, investors exchanged a total of 180.2 million shares worth N1.6 billion transacted in 2,917 deals.