Dipo Olowookere
By Dipo Olowookere
Investors at the nation’s stock market lost N277 billion on Monday as some of them in Lagos and Abuja get ready for the total lockdown from Tuesday as announced by President Muhammadu Buhari on Sunday in his nationwide broadcast.
The two major cities would be under lock and key for 14 days and if the reason for the action, coronavirus diseases (COVID-19) remains undefeated, the stay-at-home order might be extended by the federal government.
But in order not to be trapped financially, some traders quickly sold off some stocks in their portfolios and the banking sector was the most hit.
The banking index lost 3.62 percent, the consumer goods sector declined by 0.92 percent, while the insurance counter fell by 0.52 percent. However, the oil/gas index appreciated by 1.77 percent, while the industrial goods sector slightly improved by 0.01 percent.
Business Post observed that during the trading session, more stocks were traded by investor, causing the trading volume to rise by 85.71 percent to 466.9 million from 251.4 million.
However, the total value of these transactions went down by 42.43 percent to N1.9 billion from N3.4 billion, while the number of deals fell by 7.79 percent to 3,659 from 3,968.
Much of these trades were from Meyer, which recorded the sale of 201.0 million units of its stocks worth N92.5 million, while Champion Breweries traded 89.3 million shares for N61.7 million.
Zenith Bank transacted 48.2 million equities worth N574.4 million, UBA exchanged 19.2 million stocks valued at N98.8 million, while FNB Holdings sold 18.8 million shares for N75.2 million.
The market breadth close negative yesterday after recording 15 price decliners as against 11 price risers led by Mobil Nigeria, which added N14.40 to its share price to close at N160.90 per unit.
Cadbury Nigeria gained 60 kobo to trade at N6.80 per share, Berger Paints appreciated by 60 kobo to quote at N6.70 per unit, Africa Prudential garnered 28 kobo to sell at N3.70 per share, while GlaxoSmithKline grew by 15 kobo to N4 per unit.
However, it was not a good day for MTN Nigeria as the company’s stock lost N10 to finish at N90 per share, while Zenith Bank followed by losing 65 kobo to trade at N11.95 per unit.
GTBank depreciated by 55 kobo to N17.90 per share, International Breweries lost 50 kobo to quote at N4.90 per share, while Access Bank fell by 35 kobo to sell at N6.05 per unit.
By the time the market closed for business yesterday, the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) reduced by 530.99 points to 21,330.79 points from 21,861.78 points, while the market capitalisation decreased by N277 billion to N11.117 trillion from N11.393 trillion.
