Activities on the Nigerian Stock Exchange (NSE) resumed trading on Monday on a downward trend with the market capitalisation dropping by N278 billion due to panic selling induced by Brexit.
The market capitalisation which opened at N10.526 trillion lost N278 billion or 2.64 per cent to close at N10.248 trillion.
Similarly, the All-Share Index dipped 809.43 points or 2.64 per cent to close at 29,840.23 compared with 30,649.66 achieved on Friday.
Mr Ambrose Omordion, Chief Operating Officer, InvestData Ltd., attributed the decline to induced panic selling following investors reaction to Brexit.
Omordion said that market analysts and investors engaged in sell pressure to understudy the impact of the exit on our market.
He, however, expressed optimism that the trend would not last due to earnings season which was around the corner.
Omordion said that strong profit taking on Zenith Bank, Forte Oil, Seplat , GT Bank, Dangote Cement and Guinness Nigeria contributed to drop recorded in the market.
A breakdown of the price movement chart indicated that Seplat Petroleum recorded the highest loss to lead the losers’ table, shedding N17.37 to close at N531.60 per share.
Forte Oil trailed with a loss of N10 to close at N190, while Dangote Cement shed N8.09 to close at N192.11 per share.
Guinness lost N1.90 to close at N109.90 and Guaranty Trust Bank depreciated by N1.15 to close at N23 per share.
Conversely, Total led the gainers’ table, growing by N5 to close at N200 per share.
Julius Berger followed with a gain of N2.20 to close at N46.20, while GlaxosmithKline gained N1.10 to close at N23.22 per share.
PZ Industries appreciated by N1.07 to close at N22.65 and UACN improved by 33k to close at N19.99 per share.
NEM Insurance was the toast of investors, exchanging 90.79 million shares worth N82.63 million.
GT Bank came second with an exchange of 56.11 million shares valued at N1.30 billion and FBN Holdings traded 36.67 million shares worth N151.95 million.
United Bank for Africa exchanged 26.41 million shares valued at N125.13 million, while Sterling Bank traded 25.18 million shares worth N38.02 million.
In all, the volume of shares traded closed lower as investors staked N4.03 billion on 375.22 million shares transacted in 4,229 deals.
This was against a turnover of 444.51 million shares worth N3.70 billion shares worth N3.70 billion traded in 5,565 deals on Friday