Nigeria stocks shed over N290bn in four days

Nigerian stock market looks good to close this week on a negative note following a record loss of N292billion in four days as soaring coronavirus cases continue to pressure market rally.

With no much improvement on the demand side of the Bourse, amid sell pressure on the supply side, market watchers expect no deviation on Friday from Thursday’s trading pattern.

This week, the market has decreased by -0.81percent after Thursday’s -0.12percent dip. This month, the stock market has declined by -2.54 percent while this year, the market has decreased by -8.26percent.

Thursday’s dip was driven majorly by sell decisions on stocks like MTNN Plc and Zenith Bank Plc. MTNN Plc led the laggards after its share price decreased from N118 to N117.5, losing 50kobo or 0.42percent; while Zenith Bank Plc followed after its share price decreased from N16.4 to N16.15, down by 25kobo or 1.52percent. In 3,413 deals, investors exchanged 130,279,680 units valued at N1.624billion.

Though, there is still the possibility of bargain hunting after record dip which put many value counters at new lows.

The value of listed stocks which opened this week at a high of N13.137 trillion decreased to N12.845trillion as at Thursday June 25, while the Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased from week open high of 25,182.67 points to 24,625.17 points.