COVID-19: Investors lose N259.2bn as NSE Index drops 2.2%

 

The Coronavirus (COVID-19) pandemic, effect continued in the equities market yesterday with investors losing N259.2 billion while the major performance indicator, Nigerian Stock Exchange, NSE All Share Index, ASI dropped 2.2 percent.

The ASI declined to 21,700.98 points from 22,198.43 points it closed on Friday due to price depreciation in the banking tickers – Guaranty Trust Bank (-10.0 percent), Zenith Bank (-9.7 percent) and Stanbic IBTC (-10.0 percent).

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Consequently, Year-to-Date, YtD, return worsened to -19.2 percent.

However, activity level advanced as volume and value traded rose 22.4 percent and 12.9 percent to 464.4million units and N3.9billion respectively.

Investor sentiment as measured by market breadth weakened as nine stocks advanced relative to 25 decliners.

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