The Nigerian Stock Exchange market capitalisation on Monday dropped to N10.248tn from N10.526tn, while the All-Share Index also declined to 29,840.23 basis points from 30,649.66 basis points recorded on Friday.

A total of 40 stocks recorded losses, while 16 made the gainers’ chart.
The market recorded a turnover of N4.027bn from 375.221 million shares traded in 4,229 deals.

United Capital Plc, Zenith Bank Plc, Stanbic IBTC Holdings Plc, Forte Oil Plc and Seplat Petroleum Development Company Limited were the top five losers on the chart.

United Capital’s share dropped by N0.22 (7.94 per cent) to close at N2.32 from N2.52, while that of Zenith Bank lost N1.04 (6.12 per cent) to close at N15.96 from N17.
Stanbic IBTC also closed at N16.15 from N17, losing N0.85 (five per cent), while Forte Oil posted a decline of N10 (five per cent) to close at N190 from N200.

The share price of Seplat Petroleum fell to N331.60 from N348.97, losing N17.37 (4.98 per cent).

Other losers were Dangote Sugar Refinery Plc, Oando Plc, Ikeja Hotels Plc, Guaranty Trust Bank Plc, Diamond Bank Plc, Fidelity Bank Plc, Flour Mills Nigeria Plc, AG Leventis Nigeria Plc, Sterling Bank Plc and Unity Bank Plc, among others.

On Monday’s trading result, analysts at Vetiva Capital Management Limited said in the firm’s daily report, “Although we note the impact of broader downbeat global market sentiment, we believe today’s losses were largely fuelled by profit-taking across a handful of large cap stocks following the strength of the gains recorded in recent sessions. We think there’s still some room for profit-taking, and thus see a likelihood for another negative close in the session ahead.”

In a major aftershock to last week’s Brexit referendum, Standard & Poor’s and Fitch downgraded the UK to AA. Meanwhile, prime minister David Cameron and former London mayor Boris Johnson each said they hope the UK can still participate (paywall) in the EU’s common market.

Last year investors poured $19 billion into finance startups, up from less than $2 billion five years before. In March, research firm Venture Scanner said it was tracking 1,379 fintech companies, with combined funding of $33 billion. The opportunity for the startups is huge. Revenue in the North American consumer-banking business alone was $850 billion in 2015. It’s projected to grow nearly 50% over the next seven years, to more than $1.2 trillion.

Find below the roll call, courtesy of Fortune Magazine.

Justice Okon Abang of the Federal High Court in Abuja has asked the Independent National Electoral Commission of Nigeria to cede the certificate of return to the opponent of Governor Okezie Ikpeazu of Abia state as he was never qualified to run for the party primaries in the People’s Democratic party as a guber candidate.

 The judge also ordered the Chief Judge of the state to swear in, Uche Ogah, his opponent in the Decmeber 2014 gubernatorial election in state as the substantive governor of Abia state. the judge ruled that on the account of fake tax returns during the primaries, Dr. Ikpeazu was never qualified to run in the primaries.

Dr. Ikpeazu will likely appeal.

DraperDarkFlow has chosen 93 startups from 16 countries to take part in its US$1 million SpeedUPAfrica bootcamp next month,. The following are the Nigerian companies.

Nigerian startups lead the way, with 36 selected, including hotel-booking portal, Hotels.ng, schools platformVeriCampus, online printing startup Printivo, music download siteMyMusic.com.ng, mobile gaming startupMaliyo Games, on-demand artisans startupWesabi, fashion company YVKDESIGN, advertising startup Dochase Ad exchange, food marketplace Foodstantly, social learning platform Geniuses, and content production company Rushing Tap.

 

Online experts directory Nigeria Experts, cloud-based PoS software Bazar NG, restaurant discovery platformChowHub, delivery app Jalo, video advertising network Rubiqube Ad Network, e-commerce store for building materials frakem.com and agritech startupFarmers.ng are also on the list.

 

Also selected from Nigeria are HRM solution Talentbase, event networking app Eventlinq, Wi-Fi company NURLUX, augmented reality app CamBuy, local goods marketplacecokodeal.com, travel app Go, chatbot SpellAfrica, and crowd-sourced errand running service DropBuddies will also attend.