Transactions on the floor of the Nigerian Stock Exchange yesterday plunged further as coronavirus pandemic continues to take a toll on global markets, signalling fears of another economic recession.
The stock market declined by N457 billion as bears maintained their grip on the local bourse following the selling pressure that has pervaded the stock market.
The local bourse recorded only three gainers against 44 losers including Africa Prudential Registrars Plc, Oando Plc, Nigerian Breweries Plc, Flour Mills Nigeria Plc, among other blue-chip firms.
Consequently, the All-Share Index dipped 815.91 basis points or 3.35 per cent to close at 22,695.88 index points as against 23.572.75 recorded the previous day while market capitalisation of equities depreciated by N457 billion from N12.284 trillion the previous day to N11.827 trillion as market sentiment remained on the negative territory.
Meanwhile, a turnover of 1,058 billion shares exchanged in 5,501 deals was recorded in the day’s trading.
The premium sub-sector was the most active (measured by turnover volume); with 866.3 million shares exchanged by investors in 2,914 deals.
Volume in the sub-sector was largely driven by activities in the shares of UBA Plc and Zenith Bank Plc.
Also, the banking sub-sector boosted by activities in shares of Fidelity Bank Plc and GTBank Plc followed with a turnover of 79.7 million shares in 1,046 deals.
Further analysis of the day’s trading showed that in percentage terms, Caverton Plc led the gainers with a growth of 10 per cent to close at N2.31 per share while Skyway Aviation Company Plc gained 9.83 per cent to close at N2.57 per share. Stanbic IBTC Plc trailed with 3.35 per cent to close at N29.30 per share.
On the flip side, Africa Prudential Plc, Flour Mills Nigeria Plc, Fidelity Bank Plc, Nigerian Breweries Plc, Oando Plc UPL Plc and Wapic Insurance Plc topped the day’s losers’ table with 10 per cent each to close at N3.60, N19.80, N1.53, N33.00, N1.89, 90 kobo and 27 kobo per share respectively while MTN Nigeria Plc followed with 9.96 per cent to close at N10.85 per share. UCAP Nigeria Plc dropped 9.95 per cent to close at N9.50 per share.
This news was Culled from New Telegraph. Click here to view more.
