Investors open week with N276 billion loss in bears’ run

The Nigerian Stock Exchange (NSE) reopened on a downturn yesterday, with a loss of N276 billion following continued weak sentiments that dominated the market in the wake of weaker oil prices and Coronavirus (Covid-19) pandemic.

Specifically, the All-Share Index (ASI) decreased by 530.99 absolute points, representing a dip of 2.43 per cent to close at 22,695.88 points.

Similarly, the overall market capitalisation size shed N276 billion, to close at N11.117 trillion.

The downtrend was impacted by losses recorded in large and medium capitalised stocks, amongst which are; MTN Nigeria, Zenith Bank, Guaranty Trust Bank, International Breweries and Access Bank.

Predicting market performance for the week, analysts at Imperial Asset Managers Limited said: “We expect market sentiment to remain volatile, given the circumstances surrounding oil prices and macro-economy development.

“We also expect investors to react positively to healthcare quoted stocks amid the fiscal and monetary stimulus channelled to the sector in a desperate move to combat the Covid-19 pandemic.”

Market breadth was negative, with 11 gainers versus 15 losers. Berger Paints recorded the highest price gain of 9.84 per cent, to close at N6.70, per share. Mobil Nigeria followed with a gain of 9.83 per cent to close at N160.90, while Cadbury Nigeria appreciated by 9.68 per cent to close at N6.80, per share.

DN Meyer appreciated by 8.70 per cent to close at 50 kobo, while Africa Prudential went up by 8.19 per cent to close at N3.70, per share. On the other hand, MTN Nigeria led the losers’ chart by 10 per cent, to close at N90.00 per share.

Wema Bank followed with a decline of 9.62 per cent to close at 47 kobo, per share. International Breweries declined by 9.26 per cent to close at N4.90, while Prestige Assurance and United Capital shed 8.33 per cent, each to close at 55 kobo and N2.20, respectively, per share.

However, total volume traded increased by 85.71 per cent to 466.907 million shares, worth N1.933 billion, and traded in 3,659 deals. Transactions in the shares of DN Meyer topped the activity chart with 200.99 million shares valued at N92.46 million.

Champion Breweries followed with 89.339 million shares worth N61.670 million, while Zenith Bank traded 48.194 million shares valued at N574.35 million.

United Bank for Africa (UBA) traded 19.16 million shares valued at N98.79 million, while FBN Holdings sold 18.81 million shares worth N75.16 million.