Nigeria stock market fails to sustain gains

Nigeria’s stock market returned to the red zone on Wednesday March 25 over heightened uncertainty about the economy due to Coronavirus Pandemic.

Nigeria, Africa biggest economy early Wednesday confirmed two more cases of Coronavirus, taking the country’s confirmed cases to 46. Its commercial capital, Lagos has the highest number.

Amid remote trading, the Nigerian Stock Exchange (NSE) All Share Index (ASI) which had risen on Tuesday decreased by 0.05 percent at the close of trading on Wednesday.

The NSE ASI decreased from 21, 741.16 points to 21, 729.48 points while the value of listed stocks decreased from N11.329trillion to N11.323trillion, losing N6billion.

Total Nigeria plc recorded the highest decline after its share price dropped from

N107 to N96.3, losing N10.7 or 10 percent while MTNN plc followed from N103 to a new low of N100, losing N3 or 2.91percent.

On the advancers list, Zenith Bank plc occupied topmost position, rising from

N10.95 to N11.75, up by 80 kobo or 7.31 percent while Cadbury Nigeria plc moved up from N5.15 to N5.65, adding 50kobo or 9.71percent.

Investors in 3,874 deals exchanged 233,474,577 units valued at N2.239billion. GTBank, Zenith Bank, Access Bank, UBA, and FBN Holdings were actively traded stocks.

Analysts noted that despite the attractiveness of the current price levels to new investors who are willing to invest for mid/long term period, as well as opportunity for existing investors to average down their cost, the domestic bourse remains fragile in the face of uncertainties in the global and macro economy hence the possibility of sell pressure exist in the short term.

Nigeria stock market gains as investors buy GTBank, others

By Iheanyi Nwachukwu • March 26, 2020

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.