Bears on rampage as stock market dips by N656bn

After what seems like a recovery and declined sell off witnessed last week, the nation’s equity market returned to another free fall in equity price, declining yesterday  by N656 billion.

The fall in the stock price in the recent time coincided with the crash in oil price at the international market which was due to the impact of Corona virus outbreak.
The increased sell pressure which started on Monday continued yesterday forcing the NSE two market indicators  to decline by 4.91 per cent.

Specifically, Market capitalisation of listed equities declined further by N656 billion  to N12.709 trillion from N13.365 trillion reported on Monday.

The Nigerian Stock Exchange All Share Index also depreciated by 1258.88 basis points to 24388.66 points from 25647.54 points traded the previous day.

Investor exchanged 594.553 million shares worth N4.207 billion in 4010 deals against 185.648 million shares valued at N1.825 billion in 2690 deals.

Operators said that due to lack of confidence in the system, investors have ignored the undervalued state of the market and impressive payout of many companies that have so far released their financial results for 2019.

Meanwhile, Neimeth Pharmaceutical Company led gainers table, growing by N0.04 kobo to close at N0.44 kobo, Honey Well Flour Nigeria Plc followed with a gain of N0.03 kobo to close at N0.90 kobo, NEM Insurance gained N0.02 kobo to close at N1.75 kobo. Nigeria-German and Roads Plc stabilised at N3.62 kobo and N6.60 kobo respectively.

On the contrary, MTN Nigeria Plc recorded the highest loss during the day, declining by N11.50 kobo to close at N103.50 kobo, Nigerian Breweries Plc trained with a loss of N3.65 kobo to close at N33.10 kobo, Stanbic IBTC fell by N3.15 kobo to close at N28.35 kobo, Cap Plc dipped by N2.20 kobo to close at N19.95 kobo while Guaranty Trust Bank dropped by N2.20 kobo to close at N19.95 kobo.
Culled from blueprint.ng