Equity market sheds N60.43bn Monday

Investors in equity segment of the Nigerian Stock Exchange (NSE) lost N60.43 billion on Monday, extending bearish run to two trading sessions.

The Market Capitalization shed N60.43 billion, representing a decline of 0.48per cent to close at N12.53 trillion on Monday from N12.59 trillion

Similarly, The NSE All-Share Index (ASI) shed 175.58 basis points, representing a decline of 0.48per cent to close at 36,411.73 basis points from 36,587.31 basis points it opened for trading

Market breadth closed negative, recording 16 gainers against 23 losers.

The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are; Lafarge Wapco Plc (-9.75per cent), Presco Plc (-4.41per cent), Nigerian Breweries Plc (-1.88per cent), NASCON (-1.52per cent), Guinness Nigeria Plc (-0.64 per cent) Stanbic IBTC (-0.56per cent), Dangote Sugar (-0.14per cent) and Nestle Nigeria (-0.02per cent).

However, The Naira at the inter-bank (official) market closed flat at N305.65 against the Dollar.

The Investors and Exporters (I&E) Foreign exchange window opened at N359.61, traded high at N362.50 and eventually closed at N360.13, representing a depreciation of 0.05per cent.  A total of $156.43million was transacted.

The CBN conducted Open Market Operation (OMO) auction today to mop up excess liquidity, selling a total of    N58.79 million of 87-day maturity at a stop rate of 16per cent and N17.93 billion of 192-day maturity at a stop rate of 17.81per cent.