Investors Lose N208bn As Stock Market Declines Further

The equities market on Monday extended downward trend to seven consecutive trading days as investors continued to sell-down amidst the fear of coronavirus pandemic.

Consequently, the market breadth closed negative, recording nine gainers against 28 losers.

The All-Share Index dropped by 399.89 basis points or 1.53 per cent from 25,816.57 index points last Friday to 26,216.46 while the market capitalisation of equities depreciated by N208bn to close at N13.449tn from N13.657tn.

On the activity chart, baking sub-sector dominated in volume terms with 120.3 million shares exchanged in 1,181 deals. The sub-sector was enhanced by the activities in the shares of GTBank Plc and Fidelity Bank Plc.

Premium sub-sector boosted by the activities on the shares of Zenith Bank Plc and UBA Plc followed with 90.3 million units traded in 1,942 deals.

In all, investors exchanged a total of 325.3 million shares exchanged in 5,054 deals.

Further analysis of the day’s trading showed that Law Union and Rock Insurance Plc led the gainers chart with 10 per cent to close at 99 kobo per share while AIICO Insurance Plc followed with 9.79 per cent to close at 83 kobo per share and Eterna Oil Plc with a gain of 5.53 per cent to close at N2.10 per share.

On the flip side, Nestle Nigeria Plc, Wapco Plc, PZ Cussons Plc and Unilever Nigeria Plc led the losers’ chart with a drop of 10 per cent each to close at N1,017, N13.95, N4.05 and N13.50 per share respectively.

NAHCO Plc and CAP Nigeria Plc followed with a loss of 9.96 per cent each to close at N2.35 and N22.15 per share respectively while Learn Africa Nigeria Plc dropped by 9.82 per cent to close at N1.01 per share.