N1.41trn Investors Funds Plummet In 3 days
ISMAIL MUSA
investors in the Nigerian equities market have collectively lost N1.4 trillion in three days, occasioned by the tension created by depressed global oil price and Covid -19.
For the three days of equities trading so far, the market value has plunged by N1.4 trillion. On Monday N329 billion was slashed from market value, followed by N656 billion on Tuesday and N425.2 billion on Wednesday.
Nigerian equities market closed negative midweek as NSE-ASI lost 3.35 per cent to close at 23,572.75pts. Equities market value decline by N425.19 billion on Wednesday, to close at N12, 284,350 trillion, form N12, 709,530 trillion which opened trading for the day.
NESTLE emerged as the highest loser Wednesday with N101.7 or 10.00 per cent decline on its share price, closing trade at N915.3 per share. DANGCEM followed with N17 or 9.88 per cent dip, to close trade at N153 per share, while CONOIL, as the third highest loser, closed trade at N14.6 per share, following decline by N1.6 or 9.88 per cent.
NASCON, closed as the fourth highest decliner, with N1.15 or 9.83 per cent dip, closing midweek’s session at N10.55 per share, while ZENITHBANK, closed the top five decliner group, with N1 or 7.66 per cent.
NSE Consumer Goods Index midweek declined 4.74 per cent as a result of the declines in NESTLE which fell by 10.00 per cent, NASCON by -9.83 per cent, CADBURY by -9.77 per cent, DANSUGAR by -1.52 per cent and NB by -0.30 per cent.
NSE Industrial Index dipped by 3.42 per cent, due to the sell-off in DANGCEM which fell by 10.00 per cent, CUTIX by -8.57 per cent and WAPCO by -3.66 per cent.
NSE Banking Index which for the past two trading sessions posted the highest decline, fell midweek by 2.70 per cent, due to the sell-off in STERLINBANK as its equity price dipped by 9.93 per cent, ETI by -8.49 per cent, ZENITHBANK by -7.66 per cent, ACCESS by -6.52 per cent and UBN by -5.51 per cent.
NSE Oil & Gas Index was also down by 0.70 per cent, driven by the losses in CONOIL by -9.88 per cent and OANDO by -4.11 per cent.
The equities market closed down midweek as a result of losses recorded in all sectors. “While we believe the risk-off sentiment on the back of weak oil price as well as the impact of Coronavirus could have caused the recent sell-off in the market, we opine that this may be one of the best periods to start picking some of the quality names with a medium to long term horizon” noted Investment One Research.
ZENITHBANK, as the top traded stock Wednesday, recorded 412,407,439 million shares, valued N5,056,143,554.00 billion traded by investors, followed by GUARANTY with 385,180,674 million shares worth N7,243,483,063.50 billion, while FBNH, as the third most active stock midweek, recorded 303,031,738 million shares worth N1,341,321,158.25 billion.
UBA closed as the fourth most active stock with 59,979,310 million shares, worth N370, 174,507.65 million, while WAPIC closed the top five most active stocks chart with 30,688,182 million shares, worth N10, 115,137.62 million.
UNILEVER led the gainers midweek with N1.05 or 9.91 per cent growth, to close the day at N11.65 per share, followed by UBA which gained N0.55 or 9.73 per cent, ending trade at N6.2 per share, while VITAFOAM, as the third best gainer, rose by N0.38 or 9.34 per cent, ending the day at N4.45 per share.
UACN, fourth on the gainers chart, grew by N0.3 or 4.17 per cent, to close trade midweek at N7.5 per share, while FCMB closed the top five gainers group at N1.66 per share, having declined N0.15 or 9.93 per cent.
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