Stocks Slide By N86bn, NSE Falls To N13.080tn

Jennifer Akamanu

 

The Nigerian equities market slid by N86bn on Monday, as the Nigerian Stock Exchange market capitalization fell to N13.080tn from N13.166tn.

A total of 316.122 million shares valued at N4.224bn were traded in 4113 deals; of which the NSE All-Share Index closed at 37,950.96 basis points from 38,198.60 basis points.

The equities market began the week on a negative note, as the NSE ASI dropped by 0.65 per cent, dragging the year-to-date return to 41.21 per cent. Similarly, volume of transactions and market turnover declined by 10.61 per cent and 32.96 per cent, respectively.

The market recorded 18 gainers and 27 losers.

Fidson Healthcare Plc topped the gainers’ list, advancing by 4.68 per cent to close at N3.13.

Meanwhile, ChamsAccess Limited has assured shareholders of improved returns on investment in the 2017 financial year, citing improving macroeconomic stability.

The firm, which is a subsidiary of Chams Plc, expressed this optimism at the company’s inaugural Annual General Meeting held in Lagos.

The Chairman, ChamsAccess Limited, Dr. Evans Woherem, in his welcome address, said the significant decline in economic activities for a better part of 2016 affected the company moderately impairing its performance and profitability.

But with the country exiting recession, he noted that there was an obvious turnaround in the fortunes of ChamsAccess with shareholders expected to see a much more improved profit-making company by the end of the 2017 financial year.

“With improved macroeconomic stability, there has been a demonstrable turnaround in business and ChamsAccess is on the path of profitability in the 2017 accounting year. That means when we come for the next AGM, we would now see a greatly improved company of ours,” Woherem said.

 

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