The equities market of the Nigerian Stock Exchange (NSE) resumed this week’s trading on a negative note, yesterday with a decline of 2.02 per cent following investors’ sell-off of bellwether stocks.
The All Share Index fell by 425.24 basis points or 2.02 per cent to 20,669.38 basis points. Accordingly, investors lost N222 billion in value as market capitalisation declined to N10.772 trillion.
Accordingly, Month-to-date and Year-to-Date losses increased to 3.0 per cent and 23.0 per cent, respectively.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat Petroleum Development Company (Seplat), Dangote Cement, BUA Cement, BOC Gases Nigeria and Nigerian Aviation Handling Company (NAHCO).
This week, analysts at United Capital Plc expected sentiment for stocks to remain broadly tepid, with renewed interests anticipated on select blue-chip stocks, as discerning investors continue to take advantage of the current market valuation.
Analysts at Afrinvest Limited stated that “We anticipate a bearish performance in subsequent trading sessions as investors sustain risk-off approach due to the unrelenting disruption caused by Coronavirus (Covid-19).”
However, market breadth closed positive, with 21 gainers versus 13 losers. Access Bank recorded the highest price gain of 9.92 per cent, to close at N6.65, per share. Aiico Insurance followed with a gain of 9.59 per cent to close at 80 kobo, while Lafarge Africa appreciated by 9.50 per cent to close at N9.80, per share.
Wema Bank appreciated by 8.51 per cent to close at 51 kobo, while Fidelity Bank rose by 8.28 per cent to close at N1.83, per share. On the other hand, Cutix, Learn Africa and NAHCO led the losers’ chart by 10 per cent each, to close at N1.26, 90 kobo and N2.34, respectively, per share. Seplat followed with a decline of 9.99 per cent to close at N490.10, while BUA Cement declined by 9.92 per cent to close at N31.80, per share.