The Nigeria Stock Market has continued to experience downturn, caused by the panic and growing concern that COVID 19 brought to investors. The All-share index recorded a significant decline of 4.91% to close Tuesday trading session at 24,388.66 index points.
Market investors lost a total of N656 billion on Tuesday as the equity market closed at N12.72 trillion from an initial value of N13.38 trillion indicating 4.9% reduction. Sell-offs recorded in large capitalized stocks such as MTN Nigeria, GTBank, UBA, Unilever Nigeria, NASCON and many more caused the drastic fall in the market’s performance.
Three gainers emerged on the floor of the stock market on Tuesday. They are Neimeth Pharmaceuticals having gained 10% to close at N0.44 compared to an opening of the value of N0.4. Honeywell Flour followed with 3.45% gain to close at N1.75 while NEM Insurance rounded off the list with 1.16% gain to close at N1.75.
Thirty-three (33) Company stocks recorded decline as Dangote Sugar tops the list with 10% loss to close at N9.9 followed by Fidelity Bank, which also lost 10% to close at N1.62 and Nascon Allied Industries which closed at N11.7 compared to its opening of value of N13.
Stanbic IBTC recorded a 10% loss to close at N28.35 while MTN Nigeria rounded off the list with 10% loss to close at N103.5. Some of the other stocks which recorded a drop in Tuesday’s trading session include Zenith bank (9.69%), Nigerian Breweries (9.93%), GT Bank (9.93%).
Top trades by volume
UBA Plc traded in the largest volume of stocks on Tuesday as it recorded trades in 166.42 million units of shares at N942.73 million across 685 deals followed by First Bank Holdings, which traded in 163.96 million units of shares valued at N724.83 million across 488 deals.
GTBank recorded trades in 54.52 million units of shares at N1.09 billion in 366 deals, Fidelity traded in 31.93 million units of shares at N51.73 million across 128 deals while Zenith Bank traded in 30.09 million units of shares at N392.62 million across 451 deals to round off the list.