Stock market investors lose N656bn in one day

Investors suffered a loss of N656bn on Tuesday as the Nigerian equity market saw its biggest daily decline in more than eight years.

The market reacted to the impact of the oil price war between Russia and Saudi Arabia and the coronavirus panic on the Nigeria economy.

The All-Share Index of the Nigerian Stock Exchange dipped by 591 basis points or 4.91 per cent to close at 24,388.66 bps as against 25,647.54 bps on Monday.

The market capitalisation of equities depreciated by N656bn from N13.365tn on Monday to N12.709tn on Tuesday as market sentiment remained negative.

Investors traded 594.5 million shares in 4,010 deals on Tuesday.

The premium board was the most active, with 368.6 million shares traded by investors in 1,804 deals. The volume was largely driven by activities in the shares of the United Bank for Africa Plc and FBN Holdings Plc.

The banking sector was boosted by the activities in the shares of Fidelity Bank Plc and Guaranty Trust Bank Plc, with a turnover of 106.5 million shares in 693 deals.

Neimeth Pharmaceuticals Plc topped the gainers’ table on Tuesday with 10 per cent to close at 44 kobo per share while Honeywell Flour Mills Nigeria Plc gained 3.45 per cent to close at 90 kobo per share. NEM Insurance Plc appreciated by 1.16 per cent to close at N1.75 per share.

On the flip side, Dangote Sugar Plc, Fidelity Bank Plc, Nascon Plc and Stanbic IBTC Plc led the losers’ with a drop of 10 per cent each to close at N9.90, N1.62, N11.70 and N28.35 per share respectively.