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Business News

Bears dominate Nigeria’s bourse, as investors lose N425 billion

Trading on the floor of the Nigerian Stock Market on Wednesday saw another heavy fall in stock prices.

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Nigerian stock exchange, All share index, Nigerian bourse, Investors, Bulls gather momentum ASI up 0.48%, gained N55.3 billion, Dangote ,MTN & Gtbank hit a home run as Nigeria’s bourse continues bullish momentum

Trading on the floor of the Nigerian Stock Market on Wednesday saw another heavy fall in stock prices as the coronavirus outbreak continued to rattle global stock markets.

The stock market lost N425 billion and reported 18 gainers, as most blue-chip firms like Dangote, Nestle Nigeria were ruled by the bears.

Stock market gains N110.7 billion on Friday trade session , Investors lose N153.6 billion on Monday as ASI dip 1.05% , Top Nigerian stocks, too cheap to ignore

Consequently, the All-Share Index dipped 815.91 basis points or 3.35% to close at 23,572.75 index points as against 24.388.66 recorded the previous day.

The market capitalization depreciated by N425 billion from N12.709 trillion the previous day to N12.284 trillion as market sentiment remained bearish.

[READ MORE: NSE: Market drops by N329.39 billion on Monday, as one stock makes the gainers’ chart)

In addition, the banking sub-sector got a boost by the activities in the shares of Sterling Bank Plc. and GTBank Plc. followed with a turnover of 439 million shares in 1,750 deals.

Top gainers

Further analysis of the day’s trading showed that in % terms, Chams Plc. and Courtiville Business Solution Plc topped the day’s gainers’ table with 10% to close at 22 kobo apiece per share while FCMB followed with 9.93% to close at N1.66 per share. Unilever Nigeria Plc gained 9.91% to close at N11.65 per share.

Top losers

On the top losers’ side, Dangote Cement  and Nestle Nigeria led the losers with a drop of 10% to close at N153.00 and N915.30 per share respectfully, while Sterling Bank Plc shed 9.93% to close at N1.27 per share. Conoil Plc. trailed with 9.88% to close at N14.60 per share.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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