Equity investors recorded a loss for the third consecutive trading days on Tuesday. The Nigerian Stock Exchange (NSE) All Share Index (ASI) dipped by 0.39%, as investors anticipate the release of the H1 2020 financial statements.
Investors lost N49.63 billion on Tuesday with the Market capitalization dropping to N12.611 trillion while ASI declined to 24,174.45 from 24,269.58 on Monday.
The negative closure of the market is largely attributed to the 3.17% decline in the share price of Dangote Cement coupled with 9.21% and 8.23% loss suffered by Intbrew and Cap Plc respectively.
Total of 304,185,443 units of shares worth N3,268,374,119.43 were traded in 3,500 deals on Tuesday.
The activity chart was led by the shares of FBNH by volume, as 82,200,904 units of shares valued at N407,573,280.25 exchanged hands in 312 deals, whereas Dangcem topped the value chart with 5,697,156 units of shares worth N696,364,608.90 traded in 128 deals.
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All the Indices under our declined except for the Oil & Gas Index which closed flat. The Industrial Index suffered the heaviest loss of 1.57% to close at 1,082.58 while the Consumer Goods Index dipped by 0.06% to close at 405.53
The Banking Index dropped for the second day in row. The Index lost by 0.07% to close at 270.67. The Oil and Gas Index closed flat at 191.74 despite 10.00% loss in the share price of Eterna whereas the Insurance Index lost 0.93% to settle at 122.63 due to 9.26% decline in the share price of Prestige Assurance.
Investor sentiment was strong at 1.4x, with 14 stocks advancing in prices and 10 declining.
Top five gainers by percentage with the closing prices are; Linkassure (8.57%; N0.38), Vitafoam (7.88%; N5.75), Royalex (7.41%, N0.29), Unitybnk (6.12%; N0.52) and Transcorp (4.84%; N0.65)
Top five decliners by percentage are; Eterna (-10.00%; N1.80), Prestige (-9.26%; N0.49), Intbrew (-9.21%; N3.45), Cornerst (-9.09%; N0.50) and Cap (-8.33%; N18.95).
Read more; Unilever Nigeria Plc endures N1.63 billion loss between April and June 2020
Analysts’ view at Investogist; We maintain our negative outlook to the market in the short and medium term. The impact of Covid-19 on the listed companies is expected to reflect on the first half financial reports.
Some companies have started to release H1 financial statements such as United Capital and Unilever Nigeria. Although United Capital shrugged off the impact of Covid-19, Unilever took a huge blow from the pandemic.
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