Equities in downward spiral as investors’ doubts persist, lose N38bn

Investors refrained from high trading on the floor of the Nigerian Stock Exchange yesterday as they wait to see the direction of the economy in the face of mounting Coronavirus pandmic cases. Equities shed a total of N38bn at the end of trading.

Both the NSE all share index and market capitaisation fell as a result. The market breadth closed negative as 26 losers emerged while 11 firms recorded gains.

The NSE All-Share Index dropped by 0.29 per cent as bargain hunters continued profit-taking.

The ASI declined by 72.83 basis points to 24,753.92bps on Monday from 24,826.75bps last Friday, while the market capitalisation of equities depreciated to N12.91tn from N12.95tn.

On the activity chart, the premium subsector dominated in volume with 28.71 million shares traded by investors in 1,222 deals. The subsector was enhanced by the activities in the shares of the United Bank for Africa Plc and Zenith Bank Plc.

The banking subsector was boosted by the activities on the shares of Guaranty Trust Bank Plc and Ecobank Plc, with 20.04 million units traded in 595 deals.

Investors exchanged a total of 124.68 million shares in 3,843 deals on Monday.

Japaul Oil & Maritime Services Plc led the gainers’ table with a gain of 8.70 per cent to close at 25 kobo per share while Nestle Nigeria Plc appreciated by 7.72 per cent to close at N1,179.00 per share.

Fidson Healthcare Plc rose by 7.49 per cent to close at N3.30 per share.

On the other hand, Neimeth International Pharmaceuticals Plc led the losers’ table with a drop of 9.74 per cent to close at N1.39 per share.

Cutix Plc followed with a loss of 9.09 per cent to close at N1.60 per share while Honeywell Flour Mills Plc dropped by 8.33 per cent to close at 99 kobo per share.