Investors in the equity market lost N198.05 billion on the floor the Nigeria Stock Exchange (NSE) on Tuesday, as sell pressure continued ahead of H1 financial reports.
The All Share Index (ASI) dipped by 1.53% on Tuesday to close at 24,479.22, thus breaking the two-day consecutive gain in the Index.
The Market capitalization dropped to N12.77 trillion from N12.97 on Monday as investors offload the shares of Bua Cement, Cadbury, Berger paints, Wapco among others.
The share prices of Bua Cement and Cadbury Nig lost 10.00% each, whereas Berger paints and Wapco share prices declined by 9.40% and 7.41% respectively.
There was significant increase in the volume and value of shares traded on Tuesday as well as the number of deals, compared to Monday values.
280,667,420.00 units of shares worth N3,138,508,253.04 were traded in 4,464 deals on Tuesday.
The volume of shares which exchanged hands on the floor of the exchange increased by 76.83% compared 158,719,415.00 units of shares worth N1,635,598,021.63 which were traded in 3,940 deals on Monday.
Read also; Transcorp Hotels Plc seek to fortify balance sheet with N10 billion rights issue
The shares of FBNH, was the most traded by volume, with 68,210,769 shares worth N365,019,350.40 exchanging hands in 273 deals.
In terms of value, the shares Nigeria Brew (NB) was the most traded with 22,520,497 worth N805,421,493.65 traded in 66 deals.
Among the indices under our watch, only Consumer Goods Index closed positively. The index grew by 0.18% to close at 441.71.
The Industrial goods index suffered the biggest slump to the tune of minus 7.5% to close at 1,103.86, largely due to the 10.00% loss in the share price of Bua Cement and 7.41% decline endured by Wapco.
Banking Index dipped further by 1.32% to close at 281.96 due to combined losses in Unity bank, Guaranty, Wema Bank, UBN, FBNH, Zenith bank among others
Insurance Index, dropped by 0.04% to close at 129.72 mainly due to the reverse in the prices of Mbenefit (-8.7%), Regalins (-4.55%) among others while Oil and Gas Index declined by 0.43% to close at 196.47,
- Read more;
- Caverton’s Profit After Tax dipped by 46.1% for Q1 2020
- Nigerian Stock Market Review and Stock pick for the week ahead 28th June – 3rd July 2020.
Investor sentiment crashed further to 0.29x from 0.62x on Monday, as only 10 equities advanced in prices while 34 declined.
Top five gainers by percentage with the closing prices are; Neimeth (10.00%; N1.65), Okomuoil (9.94%; N77.40), Abctrans (9.80%; N0.56), Lawunion (6.19%; N1.03%) and Vitafoam (5.47%; N5.59).
The share price of Neimeth has been rising for 4 straight trading days after eight consecutive declines which was in turn preceded by days of steep rise in the share price.
Top five decliners by percentage are; Buacement (-10.00%; N38.70), Cadbury (-10.00%; N6.75), Unitybnk (-9.43%; N0.48), Berger (-9.40%; N6.75) and Learnafrca (-9.30%; N1.17).
Read more; FOREX Forecast for the week 29 June – 3 July 2020
Analysts’ view at Investogist; the impact of Covid-19 on the listed companies is expected to reflect on the half year financial reports. It is our view that Investors will continue to trade with caution as the first half of the year draws to an end while waiting for the release of companies financial statements.
Written by;
Ifunanya Ikueze
