The basic indicators of the Nigerian Stock Exchange (NSE) closed red once more on Friday, further making a mockery of Wednesday’s weak gain to end the week negative, like previous once in recent times as investors continue to count their losses at a time when it has become clearer that many stocks would have nothing to offer investors.
At the close of Friday’s trading with 20 decliners, including some of the market’s largest stocks, as against 15 gainers comprising mainly small and mid caps, the NSE All-Share Index lost 157.31 basis points or 0.61%.
Market capitalisation fell by N54.15 billion as Okomu Oil Palm’s share price fell the most in percentage terms, shedding 9.68% or N3.88; while Forte Oil’s N6.20 or 8.99% slide, made it the biggest decliner in absolute terms. Dangote Cement, the bourse’s largest company by market capitalisation shed N1.51 or almost a percent of its value; ahead of competitor, Lafarge Africa which lost N1.40; Julius Berger closed N1.10 down; UACN, 76 kobo; and Stanbic IBTC, 55 kobo; among others.
The gainers side was led by petroleum products marketing giants- Total Nigeria and Mobil Oil, which grabbed N22.85, or 10.25% and N9.95 or five per cent respectively.