Stock market down N154bn on sale pressure

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The equities market closed on Monday on a negative note, declining by 1.05 per cent as investors sold off shares from across the board.

The Nigerian equities market have been hit by weak sentiment, worsened by fears that the coronavirus outbreak would hit Chinese demand, one of Nigeria’s major trading partners, and dampen growth.

The market performance indices, NSE ASI and market capitalisation depreciated by 1.05 per cent.

Consequently, the All-Share Index dropped by 294.9 basis points or 1.05 per cent from 28,067.09 index points last Friday to 27,772.19 while the market capitalisation of equities depreciated by N154bn to close at N14.464tn from N14.618tn.

On the activity chart, premium sub-sector dominated in volume terms with 71.3 million shares exchanged in 1,232 deals. The sub sector was enhanced by the activities in the shares of FBNH Plc and Zenith Bank Plc.

Insurance sub-sector received a boost by the activities on the shares of Sovereign Trust Insurance Plc and Mutual Benefits Assurance Plc followed with 25.8 million units traded in 166 deals.

In all, investors exchanged a total of 200.2 million shares exchanged in 3,487 deals.

Further analysis of the day’s trading showed that Sovereign Trust Insurance Plc led the gainers chart with 10 per cent to close at 22 kobo per share while Tranex Plc followed with 9.88 per cent to close at 89 kobo per share and NPF MFB Plc with a gain of 9.82 per cent to close at N1.23 per share.

On the flip side, Nestle Nigeria Plc led the losers’ chart with a drop of 10 per cent to close at N1,242 per share. Linkage Insurance Plc followed with a loss of 9.68 per cent to close at 56 kobo per share while May and Baker Nigeria Plc dropped by 6.91 per cent to close at N2.02 per share.

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