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Building of the Nigerian Stock Exchange (NSE). PHOTO: AYODELE ADENIRAN The Nigerian Exchange Limited (NGX) extended bearish sentiment to three consecutive trading sessions yesterday, as more highly capitalised stocks depreciated in price. This resulted to a further slide in market capitalisation by N167 billion. The All-Share Index (ASI) decreased by 319.08 absolute points, representing a drop of 0.81 per cent to close at 39,114.73 points while the overall market capitalisation value lost N167 billion to close at N20.470 trillion. The bearish sentiment was sustained on price depreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), Dangote Cement, BOC Gases, Red Star Express and SCOA Nigeria. Analysts at Afrinvest Limited said: “We expect the market to close in the red for the week.”
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NGX: Indices drop further by 0.81%
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Key indices of the Nigerian Exchange (NGX) dropped further by 0.81 per cent on Thursday to extend bearish transactions to three consecutive trading sessions.
Consequently, the All-Share Index lost 319.08 points or 0.81 per cent to close at 39,114.73 against 39,433.81 on Wednesday.
Also, the market capitalisation shed N167 billion or 0.81 per cent to close at N20.470 trillion from N20.637 trillion on Wednesday.
The bearish sentiment was sustained on price depreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), Dangote Cement, BOC Gases, Red Star Express and SCOA.
Also, the market capitalisation shed N167 billion or 0.81 per cent to close at N20.470 trillion from N20.637 trillion on Wednesday. The bearish sentiment was sustained on price depreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), Dangote Cement, BOC Gases, Red Star Express and SCOA. Market watchers attributed the persistent lull to increased yield in the money market instruments which led to movement of funds. However, 25 stocks gained, relative to 20 losers. BOC Gases led the losers’ chart in percentage terms, losing 9.99 per cent to close at N12.25 per share. Livestock Feeds followed with 9.90 per cent to close at N1.73, while SCOA shed 9.66 per cent to close at N2.15 per share.
Goddy Egene
The year 2020 was a very challenging one as a result of the COVID pandemic that impacted businesses and individuals. As financial results of listed companies are being released, the impact of the pandemic is becoming more manifest. It has been a mixed grill as some companies record declines in their profitability, some losses and other profits.
Another major impact of the pandemic was a reduction in investment by most companies given the uncertainties that prevailed in the year. But few discerning companies, which have good foresight and saw opportunities in the challenges thrown up by the pandemic, made significant investments in their assets.