Losses in MTN Nigeria and six other stocks n Wednesday dipped the equity market of the Nigerian Stocks Exchange (NSE) indices by 0.05 per cent, even as the exchange commenced full remote trading following the raging COVID-19 in the country. Specifically, the All-Share Index dropped 11.68 points or 0.05 per cent to 21,729.48 compared with 21,741.16 recorded on Tuesday. Similarly, the market capitalisation shed N6 billion or 0.05 per cent to close lower at N11.323 trillion against N11.329 trillion on Tuesday.
The downturn was impacted by losses recorded in medium and large capitalised stocks, among which were-Total Nigeria, MTN Nigeria, Africa Prudential, FCMB Group and GlaxoSmithKline. Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said market players were still interpreting the outcome of the Monetary Policy Committee (MPC) meeting. “We expect mixed performance to continue, as market players interpret the outcome of MPC and expected impact of the stimulus package on the economy,” Omordion stated. He added that the postponement of Annual General Meetings (AGMs) due to coronavirus was taking a toll on the market.
Total Nigeria led the losers’ chart in percentage terms, dropping by 10 per cent to close at N96.30 per share. Africa Prudential followed with 9.87 per cent to close at N3.47, while Jaiz Bank declined by 8.16 per cent to close at 45k per share. FCMB Group depreciated by 3.85 per cent to close at N1.50 and MTN Nigeria declined by 2.91 per cent to close at N100, per share. Consequently, Cutix recorded led the gainers’ chart in percentage terms, gaining 10 per cent, to close at N1.32 per share. Cadbury followed with a gain of 9.71 per cent to close at N5.65, while Neimeth, Prestige Assurance, Union Diagnostic, United Bank for Africa and Wapic Insurance appreciated by 9.09 per cent each to close at 48k, 60k, 24k, N4.80 and 24k per share. PZ improved by 8.64 per cent to close at N4.40, while Wema Bank appreciated by 8.33 per cent to close at 52k per share. Similarly, the volume of shares traded declined by 29.27 per cent as investors bought and sold 233.47 million shares worth N2.24 billion in 3,874 deals.
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