Investors Lose N208 Billion on Monday as the Nigerian Stock Market Dips Further

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Coronavirus Crisis
Coronavirus Crisis
  • Nigeria’s equities market dips by N209 billion ($573.39 million) on Monday’s trading.
  • The All Shares Index depreciates by 1.53% to close at 25,816.57 points as against 2.21% depreciation recorded last Friday.
  • Coronavirus crisis and the weak macroeconomic outlook continue to affect market outcomes.
Nigerian stock market trading floor
Nigerian stock market trading floor

Investors on Nigeria’s equities market lost N209 billion ($573.39 million) as the market opened trading on Monday following last week’s outbreak of coronavirus in Lagos.

The market, which closed on a negative note as All Shares Index (ASI), a value-based index that tracks all share prices, depreciated by 1.53% to close at 25,816.57 points as against 2.21% depreciation recorded last Friday. Its Year-to-Date returns currently stand at – 3.82%.

In an unimproved performance when compared with the previous outlook, market breadth closed negative as LAW UNION led 9 gainers as against 28 losers topped by NESTLE at the end of today’s session.

Top gainers

  • Africa Prudential led the gainers with a gain of 15 kobo to close at N4.85
  • Eterna followed with a gain of 11 kobo to close at N2.10. 
  • FCMB rose by 9.0 kobo each to close at N1.80
  • Law Union gained 9 kobo to close at 99 kobo 
  • AIICO Insurance added 6.0 kobo to close at 83 kobo

Top decliners

  • Nestle Nigeria led the decliners with a loss of N113 to close at N1,017. 
  • CAP followed with a drop of N2.45 to close at N22.15. 
  • Lafarge Africa dropped by N1.55 to close at N13.95. 
  • Unilever Nigeria lost N1.50 to close at N13.50. 
  • GTB dropped by N1.10 to close at N22.70

Last Friday, the news of coronavirus in Lagos also wiped off N308 billion on the Nigerian Stock Exchange in a single day trading.

Coronavirus crisis and the weak macroeconomic outlook, such as crude oil price, dwindling foreign reserves, continue to affect market outcome despite dividend recommendations and financial reports of large-cap companies.

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