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Stocks Market Declines By 0.77%

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The Nigerian stocks market fell by 0.77 per cent as the heavy fines levied by Central Bank of Nigeria (CBN) against some Nigerian banks for alleged illegal fund repatriation on behalf of MTN Nigeria weighed on the local bourse yesterday, as shares of two of the affected banks, Stanbic IBTC Holdings Plc and Diamond Bank Plc, depreciated. The Nigerian Stock Exchange-All Share Index (NSE-ASI) decreased by 272.27 absolute points, representing a growth of 0.77 per cent to close at 35,086.67 points. Similarly, the market capitalisation was down
by N100 billion to close at N12,809 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Lafarge Africa, Forte Oil, Stanbic IBTC Holdings, Guaranty Trust Bank and Dangote Cement. Analysts at Afrinvest Limited noted that “yesterday’s bearish performance in the market was largely due to profit taking in bellwethers and market reaction to the CBN’s fine on listed Nigerian banks Stanbic and Diamond Bank. Today, we expect an upturn as investors take positions in bellwethers with attractive entry prices.” Market breadth closed negative, recorded 11 gainers against 27 losers. NEM Insurance led the gainers table by 10 per cent to close at N3.30 per share. Livestock followed with a gain of 9.26 per cent to close at 59 kobo, while Japaul Oil and Maritime Services appreciated by eight per cent to close at 27 kobo per share. Aiico Insurance rose by 7.14 per cent to close at 75 kobo, while Guinness Nigeria gained by 5.56 per cent to close at N95 per share. On the other hand, AXA Mansard led the laggards’ table by 9.80 per cent to close at N2.30 per share. International Energy Insurance followed with a loss of 9.52 per cent to close at 38 kobo, while Diamond Bank shed 9.35 per cent to close at N1.26 per share



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