Equities market drops by 2.25% amidst widespread of Coronavirus

The equities market of the Nigerian Stock Exchange (NSE) closed on a negative territory last week, dropping by 2.35 per cent to 22,198.43 basis points from 22,733.35 basis points as widespread of Coronavirus begins to create panic trading.

The market Month-Till-Date dropped to -15.33 per cent, bring the equities market Year-Till-Date performance to -17.30 per cent

For last week’s trading, Nigerian NewsDirect gathered that all other indices recorded negative performance expect for NSE Banking, Insurance and Oil & Gas Indices that appreciated by 0.29 per cent and 2.80 per cent and 0.22 per cent while the NSE ASeM Index closed flat last week.

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According to NSE weekly, report, “a total turnover of 2.804 billion shares worth N32.559 billion in 31,715 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 3.964 billion shares valued at N43.703 billion that exchanged hands last week in 26,054 deals.

“The Financial Services industry (measured by volume) led the activity chart with 2.508 billion shares valued at N25.292 billion traded in 23,243 deals; thus contributing 89.44 per cent and 77.68 per cent to the total equity turnover volume and value respectively. The Conglomerates followed with 60.873 million shares worth N105.948 million in 767 deals.

“The third place was Services industry, with a turnover of 51.296 million shares worth N117.545 million in 350 deals. Trading in the Top Three Equities namely, Zenith Bank Plc, Guaranty Trust Bank Plc and FBN Holdings Plc (measured by volume) accounted for 1.635 billion shares worth N21.282 billion in 15,631 deals, contributing 58.32per cent and 65.37per cent to the total equity turnover volume and value respectively.”