Investors lose  N208bn as equities opens week on red

By Omobayo Azeez

Investors in Nigeria are still counting their losses at the stock market as the equities segment of the market continued to depreciate in value following a loss of N208 billion recorded on Monday.

The loss is blamed on the raging impact of coronavirus that has left the global equities market in shock as well as various economic headwind in the domestic economy which fuelling apathy in the market.

Consequently, the market breadth closed negative, recording nine gainers against 28 losers.

The market’s composite index dropped by 399.89 basis points or 1.53 per cent from 25,816.57 index points last Friday to 26,216.46 while the market capitalisation of equities depreciated by N208bn to close at N13.449 trillion from N13.657 trillion at the close of the previous session.

On the activity chart, baking sub-sector dominated in volume terms with 120.3 million shares exchanged in 1,181 deals. The sub-sector was enhanced by the activities in the shares of GTBank Plc and Fidelity Bank Plc.

Premium  sub-sector boosted by the activities on the shares of Zenith Bank Plc and UBA Plc followed with 90.3 million units traded in 1,942 deals.

In all, investors exchanged a total of 325.3 million shares exchanged in 5,054 deals.

Further analysis of the day’s trading showed that Law Union and Rock Insurance Plc led the gainers chart with 10 per cent to close at N0.99 per share while AIICO Insurance Plc followed with 9.79 per cent to close at N0.83 per share and Eterna Oil Plc with a gain of 5.53 per cent to close at N2.10 per share.

On the flip side, Nestle Nigeria Plc, Wapco Plc, PZ Cussons Plc and Unilever Nigeria Plc led the losers’ chart with a drop of 10 per cent each to close at N1,017, N13.95, N4.05 and N13.50 per share respectively.

NAHCO Plc and CAP Nigeria Plc followed with a loss of 9.96 per cent each to close at N2.35 and N22.15 per share in that order while Learn Africa Nigeria Plc dropped by 9.82 per cent to close at N1.01 per share.