Stock: Investors Lose As 44 Firms Shed N457bn

The nation’s stock market extended its decline on Thursday as 44 firms recorded price depreciation, causing investors to lose N457bn in value.

Only three firms saw their share prices rise at the end of trading on Thursday.

Transactions on the floor of the Nigerian Stock Exchange plunged further as the coronavirus pandemic continued to impact negatively on the world markets.

The NSE All-Share Index dipped by 815.91 basis points or 3.35 per cent to close at 22,695.88 bps from 23,572.75 bps on Wednesday.

The market capitalisation of equities depreciated by N457bn from N12.284tn on Wednesday to N11.827tn as market sentiment remained on the negative territory.

Investors traded 1,058 billion shares in 5,501 deals on Thursday.

The premium board was the most active, with 866.3 million shares traded by investors in 2,914 deals. The volume was largely driven by activities in the shares of United Bank for Africa Plc and Zenith Bank Plc.

The banking sector was boosted by the activities in the shares of Fidelity Bank Plc and Guaranty Trust Bank Plc, with a turnover of 79.7 million shares in 1,046 deals.

Caverton Offshore Support Group Plc led the gainers’ table with a growth of 10 per cent to close at N2.31 per share while Skyway Aviation Company Plc gained 9.83 per cent to close at N2.57 per share. Stanbic IBTC Plc appreciated by 3.35 per cent to close at N29.30 per share.

On the flip side, Africa Prudential Plc, Flour Mills Nigeria Plc, Fidelity Bank Plc, Nigerian Breweries Plc and Oando Plc topped the losers’ table with 10 per cent each to close at N3.60, N19.80, N1.53, N33.00 and N1.89 per share respectively.