Covid-19 :Stock market loses N280bn in one week


Covid-19 :Stock market loses N280bn in one week

By: Femi Mustapha

Equity trading on the floor of the Nigerian Stock Exchange closed last week on a negative note amid the spread of the global pandemic, COVID-19, in the country.

The NSE All-Share Index and market capitalisation both depreciated by 2.35 per cent to close last week at 22,198.43 basis points and N11.568tn respectively.

All other indices finished lower with the exception of the NSE Banking, the NSE Insurance and the NSE Oil/Gas, which appreciated by 0.29 per cent, 2.80 per cent and 0.22 per cent respectively while the NSE ASeM Index closed flat.

A total turnover of 2.804 billion shares worth N32.56bn in 31,715 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 3.964 billion shares valued at N43.70bn that exchanged hands the previous week in 26,054 deals.
The financial services industry (measured by volume) led the activity chart with 2.508 billion shares valued at N25.29bn traded in 23,243 deals, thus contributing 89.44 per cent and 77.68 per cent to the total equity turnover volume and value respectively.

The conglomerates followed with 60.873 million shares worth N105.95m in 767 deals. The third place was occupied by the services industry, with a turnover of 51.296 million shares worth N117.55m in 350 deals.
Trading in the top three equities, namely, Zenith Bank Plc, Guaranty Trust Bank Plc and FBN Holdings Plc (measured by volume), accounted for 1.635 billion shares worth N21.28bn in 15,631 deals, contributing 58.32 per cent and 65.37 per cent to the total equity turnover volume and value respectively.

Thirty-five equities appreciated in price during the week, higher than two equities in the previous week; and 27 equities depreciated in price, lower than 64 equities in the previous week.
A total of 15,121 units valued at N87.77m were traded last week in seven deals, compared with a total of 75,285 units valued at N472.95m transacted the previous week in six deals.


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