Nigeria Stock Looses 112 Billion Naira

The Nigerian stock market on Friday closed in the red with the market capitalization falling by N112 billion ($533 million). The Nigerian stock exchange which opened N9.531 trillion plunged 1.17 percent to close at N9.419 trillion.The gauge of equity, All-Share Index declined 1.17 percent to close at 27,425.87, below the 27,751.34 recorded on Thursday. Week-on-week, the market indices lost about 2.09 percent.The number of shares traded also declined by 34.96 percent to 120.84 million shares, valued at N1.27 billion ($604 million) in 3,307 deals.This was lower than the 187.78 million shares worth N1.58 billion ($752 million) traded on Thursday.Se plat led the losers’ chart with a loss of N12.76, to close at N242.60 per share.7Up came second with N6.15 to close at N120.20, while Dangote Cement dipped N3 to close at N180 per share.Nigerian Breweries dropped N1.97 and Con Oil lost N1.26 to close at N23.96 per share.Conversely, Total topped the gainers’ table with a gain of N19.42, to close at N242.02 per share.Mobil followed having gained N8.50 to close at N178.60 and Flour Mill garnered N1.98 to close at N21.98 per share.International Breweries improved by 62k to close at N19 and Oando chalked up 34k to close at N 5.88 per share.Analysts said the development is due to the present gloomy outlook of the economy.