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Nigerian bourse loses N1.081trn in 2 days to market jitters

Mar 12, 2020

Panic selling on a large scale not only caused the market capitalisation of the Nigerian equity market to go slimmer today, setting in motion a total loss of N1.081 trillion in two days in what will prove the biggest consecutive loss on the Exchange so far this year.

The market has been at the mercy of the free fall in the global oil prices since the week began particularly the new price war between Saudi and Russia in the aftermath of the refusal of the latter to agree to an oil output cut.

Similarly, there is no getting away from the myriad sweeping effects of Covid-19 on several stock markets across the globe from Dow Jones to Nikkei 225 and the implacable epidemic is having its moment too on the Nigerian bourse.

The market posted a negative breadth as 20 losers emerged against 18 gainers. The All Share Index (ASI) tumbled by 3.35% to end the day at 23,572.75. Market capitalisation cratered to N12.284 trillion at the end of today’s trade. Year to date, the index is down by 12.18%.

TOP 5 GAINERS

Unilever topped the gainers’ chart today, appreciating by 11.65% to close at N9.91. UBA added up 9.73% to end today’s trade at N6.2. Vitafoam went up by 9.34% to N4.45. UACN leapt to N7.5, notching up 4.17% in the process. FCMB completed the top 5, climbing up by 9.93% to N1.66.

TOP 5 LOSERS

Food manufacturing giant, Nesle led losers at Wednesday’s trade, declining by 10% to close at N915.3. Dangote Cement shed 10% to end today’s trade at N153. Conoil fell to N14.6, losing 9.88%. Nascon slumped to N10.55, recording 9.83% depreciation. Zenith closed at N12.05, going down by 7.66%.

TOP 5 TRADES

1.391 billion shares estimated at N17.648 billion were traded today in 7,150 deals.

Zenith led trade with 412.407 million units of its stocks worth N5.056 billion traded in 2,141 deals. 385.181 million units of GTB shares priced at N7.243 billion exchanged hands in 488 transactions. FBN Holdings had 303.032 million shares valued at N1.341 billion traded in 483 deals. UBA traded 59.979 million shares estimated at N370.175 million in 345 transactions. Wapic traded 30.688 million shares valued at N10.115 million in 30 deals.

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