Stock investors at the Nigerian bourse have lost about N179bn from the value of their investments in just three trading days of this week. Market watch shows that the value of listed equities which stood at N11.751trn at the beginning of this week declined to N11.572trn at the close of deals yesterday.
Also, the Nigerian Stock Exchange (NSE) All Share Index (ASI) has declined by 1.26 percent in three trading days from a high of 34,485.72 points to 34,050.92points, shedding 434.8points.
At the close of trading yesterday, only 22 stocks gained while 28 recorded declined in their share price. In 4,302 deals, equity traders exchanged 287.907 million units valued at N3.176bn. The Year-to-Date (YTD) returns of the stock market stood yesterday at -1.75 percent.
7-Up Bottling Company plc led the losers’ table after its share price declined by N8, from N178 to N170. Cadbury Nigeria plc followed after its share price declined by N2.1, from N42 to N39.9; followed by PZ Cussons Nigeria plc which dropped from N30 to N28.5.
On the losers table, Nestle Nigeria plc led the gainers’ table after its share price added N25, from N915 to N940; Mobil Oil Nigeria plc also gained N4.63, from N145.4 to N150.03; while Guinness Nigeria plc added N3.72, from N160.28 to N164.
Crude oil prices rose on Wednesday after news U.S. crude stocks increased less than expected last week and inventories at the oil hub at Cushing, Oklahoma, declined for the first time since November, suggesting an oil glut may be beginning to ease. Brent crude oil was up 90 cents at $65.54 a barrel by 1450 GMT. U.S. crude was up $1.20 at $58.26.
