Investors’ net worth on the Nigerian Stock Exchange dropped by N581bn in November, amid ‘sell pressure’ ahead of the 2019 general elections and Yuletide celebrations. Data obtained by the News Agency of Nigeria from the exchange showed that the market capitalisation shed N581bn or 4.90 per cent to close at N11.271trn against N11.852trn achieved in October. Also, the All-Share Index which opened at 32,466.27 shed 1,592.1 points to close at 30,874.17 due to huge losses posted during the period. A breakdown of the price activity chart during the review period showed that Diamond emerged worst performing stock in percentage terms, dropping by 53.24 per cent to close at 65k against N1.39 opening price. NAN reports that Eterna Oil came second having dropped by 30.58 per cent to close at N4.20, while Cement Company of Northern Nigeria shed 27.86 per cent to close at N18 per share. Other top losers’ were Ikeja Hotel, Lafarge Africa, Niger Insurance, C & I Leasing, Union Diagnostic, NEM Insurance and AG Leventis. Conversely, Continental Reinsurance emerged the best performing stock in percentage terms, growing by 35.14 per cent to close at N2 per share on the strength of its expansion drive and improvement in earnings. It was trailed by GSK with 17.89 per cent to close at N14.50, while MC Nicholas inched 14.68 per cent to close at 47k per share. Read More:
Category: Daily Market Report