Equities’ losses hit N1.87tr

NIGERIAN equities continued their steep price depreciation yesterday as Nigerian and global markets remained choked under the combined impact of the pandemic Coronavirus and the crude oil crash orchestrated by the wrangling between Saudi Arabia and Russia.

Benchmark indices at the  stock market indicated average decline of 3.7 per cent yesterday, equivalent to net capital depreciation of N457 billion. This brought net losses in the past four days to N1.87 trillion. The sustained decline depressed the average year-to-date return to -15.5 per cent.

The All Share Index (ASI)- the benchmark value index that tracks all share prices at the Nigerian Stock Exchange (NSE)  declined from its opening index of 23,572.75 points to close at 22,695.88 points. Aggregate market value of all quoted equities at the NSE depreciated from its opening value of N12.284 trillion to close at N11.827 trillion. The ASI had opened Monday at 26,279.61 points while market capitalisation opened at N13.695 trillion.

With 44 losers against three gainers, all sectoral indices closed on the negative. The NSE Banking Index declined by 8.5 per cent. The NSE Insurance Index dropped by 5.2 per cent. The NSE Consumer Goods Index depreciated by 2.7 per cent. The NSE Industrial Goods Index dropped by 0.9 per cent while the NSE Oil and Gas Index declined by 0.8 per cent.

The momentum of activities slowed down as turnover dropped by 23.9 per cent to 1.06 billion shares worth N9.81 billion in 5,501 deals. Zenith Bank was the most active stock with a turnover of 433.16 million shares worth N4.70 billion.

“We expect trading activities to close negative for the week,” Afrinvest Securities stated.

MTN Communications Nigeria led the losers with a drop of N10.30 to close at N93.20. Okomu Oil Palm dropped by N6.10 to close at N55.30. Presco declined by N4.45 to close at N40.45. Nigerian Breweries dropped by N3.30 to close at N29.70 while Flour Mills of Nigeria and Julius Berger Nigeria declined by N2.20 each to close at N19.80 and N20.20 respectively.

On the positive side, the three gainers were Stanbic IBTC Holdings, with a gain of N10.30 to close at N93.20; Sky Aviation Holding Company, with a gain of 23 kobo to close at N2.57 and Caverton Offshore Support Group which rose by 21 kobo to close at N2.31.

<<The Nation>>