Nigerian bourse shrinks by 1.72% despite Nestle shares surge

Indices on the Nigeria Capital Market reversed to negative mode on Monday as more stocks recorded loses than gains.

Nestle Nigeria recorded another quantum leap but could not impact positively as the All Shares Index dropped 431 basis points. Market Capitalisation also dropped 148,846,124 points causing the market to shrink by 1.72 percent.

A total of 128.16 million shares with a value put at N1.48 billion were traded in 2.978 deals on Monday. The All Shares Index closed the day at 24,581.99 while the Market Capitalisation closed at N8.50 trillion.

Fifteen gainers on the day were led by Nestle Nigeria with N62.58 gains to end the day with N691 which means 9.96 percent. Forte Oil followed with N2.63 gain to close with N54.50 representing 5.07 percent.

Nigerian Breweries closed the day at N130.05 and percentage growth of 0.89 having began the day at N128.90, while Guaranty Trust Bank gained 20 kobo to close with N25 and 0.81 percent growth.

Dangote Cement led the declining stocks as it dropped N11.29 on the day to end the day at N149.26. It shows 7.03 percentage loss, 7up Bottling Company also lost N9 as it opened the day at N95 and closed with N86 representing 9.47 percentage loss.

On the declining chart is also Guinness Nigeria which shrank by N2.15 to close with N61.35 and 3.39 loss percentage. It was followed by CAP Plc which lost N1.48 and -5 percent as it closed with N28.12.

NEM Plc was the most traded stock, 10.08 million shares valued at N8.37 million were sold. Transcorp also had a total of 6.1 million shares with a value of N4.22 million exchanged on the day.

A total of 5.2 million Oando shares valued at N25.75 million exchanged hands just as United Capital also sold 4.9 million shares with the value put at N13.79. Zenith Bank Plc was the only stock from the banking sector to make the 5 top traded account. It sold 3.5 million shares worth N50.90 to complete the list.