March 19, 2020
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday closed negative as the all-share index (ASI) lost 3.12 percent to close at 22,078.58 basis points as the fear of Coronavirus lingers.
InvestmentOne reports that similarly, at the close of the session’s trade, market breadth index was negative with 22 losers compared to 13 gainers.
According to the report, financial and investment services firm, United Capital Plc with a loss of -10.00 percent emerged the worst loser, while leading Registrar, Investor Services and Business Support Solutions provider, Africa Prudential Plc with a gain of +9.91 percent led the gainers’ chart.
Top tier lender, Zenith Bank Plc with a loss of -10.00 percent was the most actively traded stock with about 118 million units of shares worth about N1.47 billion.
In terms of sector performance, InvestmentOne reports the Nigerian Stock Exchange (NSE) Banking index declined by 7.75 percent, as a result of the loss recorded in the shares of NPF Microfinance Bank Plc and Zenith Bank Plc; both depreciated -12.44 percent and -10.00 percent each, also, shares of Africa’s global lender, United Bank Plc and Access Bank Plc plunged -5.79 percent and -4.49 percent respectively.
In the same vein, the NSE Industrial index decreased by 1.45 percent, due to the sell-offs in the shares of cement producers, Dangote Cement Plc and Lafarge Cement Wapco Nigeria Plc, both dropped by -3.30 percent and -6.48 percent apiece.
Also, the NSE Consumer Goods index shed 0.96 percent, as a result of the loss in the shares of food and beverage producer, Nestle Nigeria Plc which lost by -3.41 percent. While the NSE Oil & Gas index closed Flat.
Performance of key stocks
S/N | Stock | Current Price (N) | 1-day change (%) | Week to date change (%) |
1 | ACCESS | 5.70 | -5.79% | 5.56% |
2 | DANGCEM | 129.00 | -3.30% | -15.69% |
3 | FBNH | 4.00 | 0.00% | 0.00% |
4 | FIDELITYBK | 1.70 | -4.49% | 1.19% |
5 | GUARANTY | 18.30 | -12.44% | -3.68% |
6 | MTNN | 99.50 | -4.78% | 6.76% |
7 | UBA | 5.00 | -6.54% | -18.70% |
8 | SEPLAT | 544.50 | 0.00% | 0.00% |
9 | ZENITHBANK | 12.15 | -10.00% | 2.10% |
10 | OKOMUOIL | 55.05 | 0.00% | -8.25% |
Source: InvestmentOne Research
“The equities market closed down today due to the losses recorded in most sectors. While we believe the risk-off sentiment on the back of weak oil price as well as the impact of Coronavirus could have caused the recent sell-off in the market, we opine that this may be one of the best periods to start picking some of the quality names with a medium to long term horizon,” the InvestmentOne report affirmed.
