After Wednesday’s bearish trading session on the Nigerian Stock Exchange (NSE), equities value depleted further by N457billion. The local equities market has been volatile lately in the face of uncertainties around global crude oil prices and the Coronavirus (covid-19).
The stock market had opened this week with equities valued at N13.695 trillion but it decreased to N11.827trillion at the sound of the closing gong 2:30pm.
Also, speculations around the possible devaluation of the local currency continue to make Nigeria stocks unappealing to investors.
After a brief respite following reports of central bank economic stimuli in the United States and the UK, crude oil slumped once again on Wednesday after President Donald Trump instituted a 30-day travel ban on most European countries because of the coronavirus pandemic.
At the time of writing Brent crude was trading down by more than 8 percent at $32.71 a barrel, with West Texas Intermediate at $30.27 a barrel, also down by more than 8 percent.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 3.72percent on Wednesday March 12.
The market has decreased by 13.64percent this week; 13.43 percent this month and 15.45percent this year. The All Share Index decreased from 23, 572.75points on Tuesday to 22,695.88 points. The Index had opened this week at a high 26,279.61 points.
On Wednesday, MTNN led the losers table after its share price decreased most from N103.5 to N93.2, losing N10.3 or 9.95percent, followed by Okomu Oil Palm which decreased from N61.4 to N55.3, after losing N6.1 or 9.93percent.
Stanbic IBTC shares rallied most from N28.35 to N29.3, adding 95kobo or 3.35percent. Zenith, UBA, GTBank, FBN Holdings and Wapic were actively traded stocks on the NSE. In 5,501 deals, investors exchanged 1,058,914,902 units valued at N9.806billion.
