Forte Oil plc, Honeywell Flour Mill plc, Cadbury Nigeria plc, Nascon Allied Industries plc, and Oando led some other companies at a loss of N64billion at the close of trading on the floor of the Nigerian Stock Exchange.
The Nigerian equity market which closed poorly on Monday recorded a drop in the share price of the companies.
The NSE market capitalization dropped from N9.009 trillion, which was initially recorded on Friday last week and the All-Shares Index slid to 25,986.81 basis points from 26,170.88 basis points.
Forte Oil’s share price dropped to N94.32 from N104.50, shedding N10.18 at a loss of 9.74 percent.
Honeywell’s shares closed at N1.14 from N1.20 at a loss of N0.06 at five percent.
Similarly, Cadbury shares lost N0.05 (4.95 per cent) to close at N10.57 from N11.12, while the share price of Nascon dipped by N0.37 (4.90 per cent) to close at N7.18 from N7.55.
Oando’s share price also closed at N4.09 from N4.30, losing N0.21 (4.88 per cent).
The total number of shares traded in deals was N160.908 million which was worth N1.115bn in 2431 deals.
As a result of the loss in the shares of Forte Oil and Oando, the Oil and Gas sector dropped massively and are top in the market declines by 2.40 percent.
The NSE ASI opened the week 0.7 per cent lower, dropping below 26,000 points for the first time in six months, as all key sectors closed negative.
The financial services sector followed suit on the back of declines in Zenith Bank Plc, Diamond Bank Plc and Guaranty Trust Bank Plc by 4.16 per cent, 2.97 per cent and 2.23 per cent, respectively.
The consumer goods and industrial goods sectors also closed lower amid declines in PZ Cussons Nigeria Plc, Guinness Nigeria Plc and Cap Plc by 4.37 per cent, 0.11 per cent and 4.66 per cent, respectively.
Market breadth remained negative with 10 advances and 22 declines.
An analyst at Vetiva capital management, gave his view on what could help engage better productivity in the next trading session, he said,
“We highlight that investor sentiment remains bearish as revealed by the sell-off across sectors. On this note, we believe ASI could shed more points in the coming session”.
