Selloffs persist, as investors’ wealth plunge further by N181 billion
25 February 2020 |
2:45 am
Following massive selloffs in some bluechip stocks, transactions on the equities sector of the Nigerian Stock Exchange (NSE), reopened on a downtrend yesterday, causing investors’ wealth to plunge further by N181billion.
Following massive selloffs in some bluechip stocks, transactions on the equities sector of the Nigerian Stock Exchange (NSE), reopened on a downtrend yesterday, causing investors’ wealth to plunge further by N181billion.
Specifically, at the close of trading Monday, the All Share Index (ASI) decreased by 347.59 absolute points or 1.27 per cent to close at 27,041.03 points. Similarly, the market capitalisation lost N181billion to close at N14.087trillion.
The downturn was impacted by losses recorded in medium and large value stocks, amongst which were; Julius Berger, Nigerian Breweries, Guaranty Trust Bank, Cadbury Nigeria, and Zenith Bank.
Analysts at Afrinvest Limited anticipated a mixed performance in subsequent trading sessions, as investors are expected to position for dividends on one hand, and profit-taking on the other.
Commenting on market outlook, analysts at United Capital Plc, said: “Given that this week is the last week for companies that did not submit their unaudited results to submit audited results, we expect an increased influx of audited financial reports and possible dividend pronouncements, thus, providing incentives for investors to lock in positions in high dividend-yielding stocks.”
Also, Vetiva Capital Limited, said: “With no change to the drivers of activity in the fixed income space, we expect all segments to trade in a similar fashion in tomorrow’s session.”
Market breadth closed strongly negative, with five gainers versus 32 losers. Law Union and Rock Insurance recorded the highest price gain of 8.75 per cent to close at 80 kobo per share.
Linkage Assurance followed with 4.44 per cent to close at 45 kobo, while May and Baker Nigeria rose 2.67 per cent to close at N1.87, per share.
Sterling Bank gained 2.67 per cent to close at N1.50 per share. Vitafoam Nigeria rose 0.22 per cent to close at N4.51 per share.
On the other hand, Glaxo SmithKline Consumer Nigeria, NCR Nigeria, and BOC Gas Nigeria led the losers’ chart by 10 per cent each, to close at N4.50, N2.43, and N4.05 per share, respectively. Skyway Aviation Handing Company followed with 9.92 per cent to close at N2.36 per share.Cadbury Nigeria and Red Star Express fell 9.89 per cent each, to close at N8.20, and N4.01, per share, respectively.
The total volume traded increased by 1.8 per cent to 429.003 million shares worth N7.298billion, traded in 4,533 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 177.13 million shares valued at N4.79billion. FBN holdings followed with 60.097 million shares worth N329.46 million, while Zenith Bank traded 56.15 million shares at N1.09 billion. United Bank for Africa (UBA) traded 39.17 million shares valued at N267.21 million, while United Capital transacted 18.48 million shares worth N62.99 million.
6 hours ago
Lagos State government on Friday said it has apprehended 10 fake enforcement officials around the Cele/Itire axis of the Apapa-Oshodi Expressway of the state. The apprehended persons; Ojo Oluwaseun, Rafiu Agbabiaka, Babatunde Ibrahim, Abiodun Olusegun, Daniel Olanrewaju, Aweda Kabiru, Olufowobi Michael, Olamilekan Olasupo, Bunmi James and Iyiola Shola(female) were caught carrying out unauthorised enforcement using…
7 hours ago
The WHO announced Friday it had approved a new, simpler version of an existing oral cholera vaccine, which should help increase the number of available doses as global cases surge.
7 hours ago
The Registrar, Joint Admission and Matriculation Board (JAMB), Prof. Is-haq Oloyede has monitored the ongoing Unified Tertiary Matriculation Examination (UTME) exercise in Abuja. Prof. Oloyede who monitored the exercise at the Kogo Computer Based Tests (CBT) Centre in Bwari Area Council of Abuja, expressed satisfaction with the process. He reiterated the examination body's earlier order…
7 hours ago
The Corporate Affairs Commission (CAC) has warned newly-registered companies against paying certain fees to obtain tax identification number (TIN) amongst others. The management of CAC gave this warning in a statement on its X handle on Friday. CAC said it noticed email messages sent to directors of newly-registered companies. READ ALSO: CAC targets registration of…
7 hours ago
Three workers from the Philippines have died in heavy flooding in the United Arab Emirates, Filipino officials announced, as the desert country struggled Friday to recover from record rains.
7 hours ago
Sansani town, the headquarters of Sansani chiefdom in Gassol local government area of Taraba state, has been thrown into a state of mourning as unidentified gunmen carried out a brazen attack, claiming the life of monarch Abdulmutalib Jankada. Sources close to the matter said the attack occurred on Thursday inside the monarch's palace at about…
8 hours ago
Zamfara State government has stated that all political office holders and heads of agencies must get permission before conducting interviews, issuing statements, or airing programmes on television, radio, and social media. Also, the state government warned media organisations to desist from conducting or airing any radio or television programme without the approval of the Ministry…
8 hours ago
Ohanaeze Ndigbo has raised concern over "orchestrated internal and external conspiracies malicious aero-politics, imperialistic intrigues, and discrimination" to frustrate Air Peace operations internationally. In a statement on Friday signed by the National Publicity Secretary, Alex Ogbonnia, Ohanaeze Ndigbo noted at the plenary of their National Executive Committee (NEC), that such a plot was not healthy…
8 hours ago
A Federal High Court in Abuja has dismissed money laundering charges against former Attorney-General Mohammed Adoke. Justice Inyang Ekwo ruled on Friday that the Economic and Financial Crimes Commission (EFCC) failed to present a strong enough case (prima facie case) against Adoke. EFCC alleged that Adoke sometime in August 2013 in Abuja accepted a cash…
×
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
0 Comments
We will review and take appropriate action.