Equities investors lose N257.1bn as market decline by 1.98%

July 5, 2020
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Equities market shed 1.98 per cent of its value last week, owing to profit-taking amidst weak oil price as well as the impact of Coronavirus pandemic in the economy.

Specifically, the All-Share Index (ASI) closed at 24,336.12 basis points at the close of trading activity on Friday. Likewise, in the five-day trade, investors lost N257.1 billion to negative sentiments, leaving the market capitalisation at N12.695 trillion respectively.

The negative stance was augmented by three losing sessions out of five trading sessions.

Analyses indicated that the local equities market opened the week positive with a 0.12 per cent gain before sessions fluctuated over the week as the index shed 1.53 per cent on Tuesday. The market swayed bullish to gain 0.82 per cent on Wednesday, which happened to be the first trading session of the second half of the year.

The index reversed that positive gain to shed a further 1.24 and 0.16 respectively in the last two trading sessions of the week. Analyst believed the volatility can be attributed to the uncertainty among investors as they anticipate second quarter results to portray the impact of the economic lockdown on the bottom-line of companies.

A total turnover of 961.833 million shares worth N9.181 billion in 20,058 deals were traded during the week under review by investors on the floor of the Nigerian Stock Exchange, in contrast to a total of 739.375 million shares valued at N8.563 billion that exchanged hands last week in 17,248 deals.

The Financial Services industry, measured by volume, led the activity chart with 618.714 million shares valued at N4.338 billion traded in 9,669 deals; thus contributing 64.33 per cent and 47.25 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 91.119 million shares worth N2.227 billion in 3,703 deals. The third place was the Conglomerates industry, with a turnover of 60.640 million shares worth N62.779 million in 556 deals.

FBN Holdings Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc made the top three equities namely. They accounted for 275.099 million shares worth N2.818 billion in 3,497 deals, contributing 28.60 per cent and 30.69 per cent to the total equity turnover volume and value respectively.

Analysts at APT Securities, however, anticipate a slight lift in the Equities Market in the trading week on improved demand flows backed by corporate action, while noting that the market might extend losing streak in the first few trading sessions.

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