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Jaiz Bank, 29 others drag stock market lower

The equities market extended its decline on Tuesday as 30 companies led by Jaiz Bank Plc recorded losses at the close of trading on the Nigerian Stock Exchange.

The nation’s stock market kicked off the second half of the year on a negative note on Monday, reversing the slight gains recorded last month.

The market capitalisation of equities listed on the NSE fell to N13.622tn from N13.746tn the previous day, while the NSE All-Share Index dropped to 37,605.12 basis points from 37,946.92bps.

Jaiz Bank, which led the losers’ table on Tuesday, saw its share price decline by 10 per cent to close at N0.63. It was followed by Omoluabi Mortgage Bank Plc, which depreciated by 9.86 per cent to close at N0.64 per share.

Cornerstone Insurance Plc shed 9.28 per cent to close at N0.29 per share; May & Baker Nigeria Plc depreciated by 8.89 per cent to close at N2.05 per share, and A.G. Leventis Nigeria Plc eased by 6.12 per cent to close at N0.46 per share.

Other losers on Monday were Fidelity Bank Plc, Cadbury Nigeria Plc, Honeywell Flour Mill Plc, The Initiates Plc, 11 Plc, Skye Bank Plc, Nestle Nigeria Plc and Lafarge Africa Plc, among others.

Thirteen stocks recorded price appreciation, with the share price of Prestige Assurance Plc gaining the most as it rose by 9.43 per cent to close at N0.58.

Other top gainers were Royal Exchange Plc, Red Star Express Plc, Custodian & Allied Insurance Plc and Mutual Benefits Assurance Plc.

Royal Exchange was up by 9.09 per cent to close at N0.36 per share, while Red Star Express appreciated by 8.33 per cent to N6.50 per share.

Custodian & Allied Insurance gained 7.42 per cent to close at N5.50 per share, while Mutual Benefits Assurance increased by 5.88 per cent to close at N0.36 per share.

The stock market has been wobbling in recent months, with the market capitalisation losing N1.146tn in May as it fell to N13.802tn on May 31 from N14.948tn on April 30.