By Dipo Olowookere
The Nigerian Stock Exchange (NSE) suffered a huge 2.41 percent loss on Monday, with the All-Share Index (ASI) falling into the 25,000 threshold during the session.
The benchmark index depreciated by 632.07 points to 25,647.54 points from 26,279.61 points, while the market capitalisation reduced by N329 billion to N13.366 trillion from N13.695 trillion.
Business Post reports that the volume of stocks transacted yesterday reduced by 48.59 percent to 185.6 million from 361.1 million. Also, the value of shares decreased by 57.31 percent to N1.8 billion from N4.3 billion, while the number of deals went down by 41.55 percent to 2,690 deals from 4,602 deals.
Zenith Bank was the most traded stock at the market on Monday, trading 53.5 million units worth N907.1 million, while Transcorp sold 23.1 million valued at N18.0 million.
GTBank exchanged 15.2 million shares for N336.8 million, SAHCO transacted 8.4 million worth N19.6 million, while Law Union and Rock Insurance traded 6.9 million valued at N6.7 million.
The stock market recorded only one gainer yesterday and it was Consolidated Hallmark Insurance, which appreciated by 2 kobo to sell at 30 kobo per share.
A total of 39 stocks recorded losses at the session and it was led by Nigerian Breweries, which went down by N4.05 to trade at N36.75 per unit.
Stanbic IBTC depreciated by N3.50 to sell at N31.50 per share, GTBank fell by N2.45 to quote at N22.15 per unit, Zenith Bank declined by N1.85 to settle at N16.95 per share, while Conoil declined by N1.80 to quote at N16.20 per unit.
Apart from the industrial goods sector, which closed flat, every other key sectors of market closed in red as a result of selloffs caused by the COVID-19 eating deep into prices of crude oil at the global market.
Banking stocks were the worst hit on Monday as the index declined by 8.95 percent, consumer goods sector lost 2.49 percent, insurance counter depreciated by 2.42 percent, while the energy index fell by 1.41 percent.
