The share prices of some quoted companies on the floor of the Nigerian Stock Exchange (NSE) took another round of beating as investors reacted to the news of rising cases of the novel coronavirus (COVID-19) in Nigeria.
According to the latest figures, 2.5 billion cases have been detected worldwide, with 171,718 deaths and 659,589 people now recovered while there have been 665 cases, with 22 deaths and 188 people recovering from the virus in Nigeria.
Consequently, the All Share Index (ASI) declined by 1.27 per cent to close at 22.629.92 points while market capitalisation closed Tuesday’s session at N11.793 trillion from Monday’s opening value of N11.946 trillion.
This means investors have now lost N153 billion in two days after gaining N802 billion last week. Furthermore, 27 stocks recorded losses while 4 others posted gains.
Champion led the losers’ chart with 10 per cent to close at 0.81 kobo per share. Oando was next with 10 per cent to close at N2.25, Wapco dropped 9.21 per cent to close at N10.35, Fidelity Bank lost 8.99 per cent to close at N1.72 while Chams fell by 8.70 per cent to close at 0.21 kobo.
Omomorbank on the other hand led the gainers’ chart with 9.09 per cent to close at 0.60 kobo per share. NPF Microfinance Bank followed with 8.70 per cent to close at N1.25, Lasaco rose by 4.17 per cent to close at 0.25 kobo while Learn Africa garnered 2.11 per cent to close at 0.97 kobo.
Further analysis showed that the volume and value of stocks traded stood at 250.34 million shares and N2.32 billion, exchanged in 4,877 deals. FBN Holdings led the activity chart with 71.06 million shares valued at N298.70 million, Zenith Bank followed with 52.20 million shares valued at N695.02 million while GT Bank traded 24.43 million shares worth N451.85 million.
Reacting to the performance of the market, Analysts at Afrinvest said, “following the 7-day bullish streak in the equities market, we anticipate mixed trading activities this week”.