Nigeria Business & Finance Updates

Investors pump up transaction volume by 22.4%:NSE

Despite increased cases of the Coronavirus (COVID-19) in Nigeria, investors’ sentiment in stock trading was positive as the volume of transactions on the floor of the Nigerian Stock Exchange (NSE) increased by 22.4 per cent on Monday.

Nigeria Centre for Disease Control (NCDC) had yesterday, stated that the number of confirmed infected persons stood at 35, adding that a case of death was recorded while two were discharged. This, however, led to price depreciation in banking stocks, resulting in the bench mark index going down by 2.24 per cent to close at 21,700.98 points.

Consequently, the market capitalisation declined by N259 billion to close at N11.308 trillion, while the year-to-date (YtD) return worsened to -19.2 per cent. However, activity level  on the bourse advanced as volume and value traded rose by 22.4 and 12.9 per cent to 464.4 million units and N3.9 billion respectively, exchanged in 5,883 deals.

Zenith Bank was the most active stock with the sale of 120.45 million shares valued at N1.30 billion. GT Bank traded 63.27 million shares worth N1.06 billion while FBN Holdings transacted 46.67 million shares valued at N176.05 million.

Reacting to the development, Analysts at Afrinvest said: “We expect the bearish trend to persist as the pandemic continues. We, however, note that current prices present opportunities for bargain hunting”.

Meanwhile, Dangote Sugar led 24 others on the losers’ chart with 10 per cent to close at N9 per share. Nigerian Breweries followed with 10 per cent to close at N27, Stanbic dropped 10 per cent to close at N23.85, UBA lost 10 per cent to close at N4.50 while Wema Bank decreased by 10 per cent to close at 0.45 kobo.

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On the other hand, Neimeth led 7 others on the gainers’ chart with 10 per cent to close at 0.44 kobo per share. May and Baker was next with 8.94 per cent to close at N1.95, Custodian increased by 8.65 per cent to close at N5.65, Flourmill garnered 7.77 per cent to close at N20.80 while CAP gained 7.69 per cent to close at N21.

Sun

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