Investors lost N1.87trn to COVID-19
The Nigeria bourse has lost N1.87 trillion to global oil price crash and increasing spread of COVID-19 in four days.
Specifically, the market capitalisation, which opened trading for the week at N13.694 trillion, shed N1.87 trillion or 13.63 per cent, having closed trading on Thursday at N11.827 trillion.
Also, the All-Share Index, which opened the week at 26, 279.61, dropped 3,583.73 points or 13.64 per cent in four days to close trading on Thursday at 22,695.88.
Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., attributed the development to crash in crude oil price leading to review of 2020 budget.
Kurfi added that increasing spread of COVID-19 was another source of worry to investors with the World Health Organisation describing the viral disease as pandemic.
“The market crash was as a result of the fear of devaluation by foreign investors who are willing to sale at whatever price.
“Being major players in the market, we need to manage it,” Kurfi said.
He stressed the need to review some market policies, noting that margin loan was important at the very moment to minimise loss.
An analysis of trading on Thursday shows that MTN Nigeria recorded the highest loss to lead the losers’ chart, declining by N10.30 to close at N93.20 per share.
Okomu Oil trailed with a loss of N6.10 to close at N55.30, while Presco was down by N4.45 to close at N40.45 per share.
Nigerian Breweries dipped N3.30 to close at N29.70, while Flour Mill dropped N2.20 to close at N19.80 per share.
On the other hand, only three stocks posted price appreciation and this was led by Stanbic IBTC which garnered 95k to close at N29.30 per share.
Skyways Aviation Handling Company followed with 23k to close at N2.57, while Caverton gained 21k to close at N2.31 per share.
Zenith Bank was the toast of investors in activity chart, accounting for 433.157 million shares worth N4.70 billion.
United Bank for Africa followed with an account of 371.34 million shares valued at N2.09 billion, while Guaranty Trust Bank traded 62.18 million shares worth N1.14 billion.
FBN Holdings exchanged 31.95 million shares valued at N128.21 million, while Wapic Insurance sold 20.64 million shares worth N5.79 million.
In all, investors traded 1.06 billion shares valued at N9.81 billion in 5,501 deals.
This was against a turnover of 1.39 billion shares worth N17.65 billion transacted in 7,150 deals on Wednesday. (NAN)