Stock market loses N40bn as inflation rises to 11.40%

Trading activities on the floor of the Nigerian Stock Exchange yesterday sustained declining profile, as value of equities depreciated by N40 billion.

Specifically, market capitalisation of listed equities dipped further dropping 0.30 per cent to N13.192 trillion from N13.232 trillion reported the previous day.

The NSE All Share Index also depreciated by 110.37 basis points to 29936.33 points from 30046.70 points   recorded on Friday. Investors traded 2.864 billion shares worth N3.922 billion in 3360 deals against 145.277 million shares valued at N2.831 billion in exchanged hands the previous day in 2445 deals.

A review of the transactions during the day showed that Forte Oil led gainers table, appreciating by N2.90 kobo to close at N32.30 kobo, Unilever Nigeria Plc followed with a gain of N1.00 to close at N32.00, Dangote Flour Mills Nigeria Plc added N0.50 kobo to close at N16.50 kobo, Zenith Bank Plc increased by N0.20 kobo to close at N20.20 kobo while Nascon went up by N0.20 kobo to close at N15.00.

On the contrary, Dangote Cement industry recorded the highest loss for the day, dropping by N1.60 kobo to close at N182.40 kobo, MTN Nigeria Communications trailed with a loss of N1.60 kobo to close at N134.00, Guinness Nigeria Plc down by N0.55 kobo to close at N46.95 kobo, Oando Plc declined by N0.20 kobo to close at N3.70 kobo while Nahco fell by N0.19 kobo to close at N2.80 kobo.

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