The Guardian
Email YouTube Facebook Instagram Twitter WhatsApp

Market reverses gains as index plunges by 0.05 per cent


Transactions on the equities sector of the Nigerian Stock Exchange (NSE), reversed past positive sentiments to close on a downturn yesterday, causing the All-Share Index (ASI) to slump by 0.05 per cent

Specifically, the ASI depreciated by 11.68 points or 0.05 per cent to 21,729.48 points, while investors lost N6 billion in value as market capitalisation declined to N11.324 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are, Total Nigeria, MTN Nigeria, Africa Prudential, FCMB Group and GlaxoSmithKline Consumer Nigeria.

The Chief Operating Officer of InvestData Consulting Limited, Ambrose Omordion pointed out that the medium and high cap stocks have hit new lows on the Exchange.


“They are selling at a huge discount, considering their intrinsic values as the Coronavirus continues to take a toll on the global and domestic economy, even as the Central Bank and government continue to unfold a bouquet of stimulus package to mitigate the impact on the Nigerian economy.

“We expect mixed performance to continue, as market players interpret the outcome of Monetary Policy Committee (MPC) and expected impact of the stimulus package on the economy in the midst of investors expecting their dividend payment from the companies that postponed their Annual General Meeting (AGM)”, he added.

FSDH Group Research said: “The markets may remain volatile in the near term. We advise investors to accumulate quality stocks at lower levels with a long-term investment horizon.”

However market breadth closed positive, with 20 gainers versus seven losers. Cutix recorded the highest price gain of 10 per cent, to close at N1.32, per share.

Cadbury Nigeria followed with a gain of 9.71 per cent to close at N5.65, while Neimeth International Pharmaceuticals, Prestige Assurance, Union Diagnostic & Clinical Services, United Bank for Africa (UBA) and Wapic Insurance appreciated by 9.09 per cent each to close at 48 kobo, 60 kobo, 24 kobo, N4.80 and 24 kobo, respectively, per share.


PZ Cussons Nigeria went up by 8.64 per cent to close at N4.40, while Wema Bank appreciated by 8.33 per cent to close at 52 kobo, per share. On the other hand, Total Nigeria led the losers’ chart by 10 per cent, to close at N96.30, per share.

Africa Prudential followed with a decline of 9.87 per cent to close at N3.47, while Jaiz Bank declined by 8.16 per cent to close at 45 kobo, per share.
FCMB Group depreciated by 3.85 per cent to close at N1.50 and MTN Nigeria declined by 2.91 per cent to close at N100, per share.

Total volume traded depreciated by 29.27 per cent to 233.47 million shares, worth N2.24 billion, and traded in 3,874 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 49.68 million shares valued at N847.78 million.

Zenith Bank followed with 44.70 million shares worth N522.19 million, while Access Bank traded 44.18 million shares valued at N250.26 million. UBA traded 23.25 million shares valued at N109.897 million, while FBN Holdings sold 18.57 million shares worth N74.66 million.


In this article:
Receive News Alerts on Whatsapp: +2348136370421

No comments yet