NSE returns to negative posture, indices down by 0.05%

Trading on the Nigerian equity market returned to negative territory on Wednesday with 0.05 per cent dip or losses in MTN Nigeria and six other stocks.

Consequently, the All-Share Index dropped 11.68 points or 0.05 per cent to 21,729.48 compared with 21,741.16 recorded on Tuesday.

Also, the market capitalisation dipped N6 billion or 0.05 per cent to close lower at N11.323 trillion against N11.329 trillion on Tuesday.

The News Agency of Nigeria (NAN) reports that the Exchange has commenced full remote trading following the raging COVID-19 in the country.

The downturn was impacted by losses recorded in medium and large capitalised stocks, among which were-Total Nigeria, MTN Nigeria, Africa Prudential, FCMB Group and GlaxoSmithKline.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said market players were still interpreting the outcome of the Monetary Policy Committee (MPC) meeting.

“We expect mixed performance to continue, as market players interpret the outcome of MPC and expected impact of the stimulus package on the economy,” Omordion stated.

He added that the postponement of Annual General Meetings (AGMs) due to coronavirus was taking toll on the market.

Total Nigeria led the losers’ chart in percentage terms, dropping by 10 per cent to close at N96.30 per share.

Africa Prudential followed with 9.87 per cent to close at N3.47, while Jaiz Bank declined by 8.16 per cent to close at 45k per share.

FCMB Group depreciated by 3.85 per cent to close at N1.50 and MTN Nigeria declined by 2.91 per cent to close at N100, per share.

Conversely, Cutix recorded led the gainers’ chart in percentage terms, gaining 10 per cent, to close at N1.32 per share.

Cadbury followed with a gain of 9.71 per cent to close at N5.65, while Neimeth, Prestige Assurance, Union Diagnostic, United Bank for Africa and Wapic Insurance appreciated by 9.09 per cent each to close at 48k, 60k, 24k, N4.80 and 24k per share.

PZ improved by 8.64 per cent to close at N4.40, while Wema Bank appreciated by 8.33 per cent to close at 52k per share.

Similarly, the volume of shares traded declined by 29.27 per cent as investors bought and sold 233.47 million shares worth N2.24 billion in 3,874 deals.

This was against 330.10 million shares valued at N3.57 billion transacted in 4,561 deals on Tuesday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 49.68 million shares valued at N847.78 million.

Zenith Bank followed with 44.70 million shares worth N522.19 million, while Access Bank accou Ted for 44.18 million shares valued at N250.26 million.

UBA sold 23.25 million shares worth N109.897 million, while FBN Holdings traded 18.57 million shares valued at N74.66 million.