- NSE Sheds 9.11% in February as Investors Sell Off Positions
The Nigerian Stock Exchange (NSE) depreciated by 9.11 percent in the month of February as investors continue to sell their positions amid rising uncertainty and growing global risk.
Nigeria, Africa’s largest economy, last week reported its very first case of coronavirus despite measures to ensure the fast-spreading outbreak does not hit the world’s most populous black nation.
The country’s stock exchange dipped by 4.28 percent during the week, the highest this year. While the quarter-to-date and the year-to-date declines rose to 2.33 percent and 2.33 percent, respectively.
Accordingly, the NSE All-Share Index declined by 1,172.16 basis points from 27,388.62 basis points to 26,216.46 bps last week.
The NSE-Main Board Index dipped by 52.97 bps to 1,029.69, up from 1,082.66 recorded in the previous week.
Activity on the floor was mixed last week as 1.547 billion shares valued at N24.263 billion were exchanged in 21,646 transactions against 1.499 billion shares worth N17.907 billion that were traded in 18,515 deals in the previous week.
The Financial Services sector was the most traded sector by volume with 1.267 billion shares valued at N17.205 billion exchanged hands in 15,149 deals. This was followed by the Conglomerates sector with 81.990 million shares worth 180.885 million exchanged in 654 deals.
Consumer Goods sector came third with a turnover of 65.965 million shares valued at N3.918 billion in 2,235 transactions.
Guaranty Trust Bank Plc, United Bank for Africa Plc and Zenith Bank Plc led the most traded equities by volume with a combined 800.054 million shares valued at N14.972 billion traded in 8,379 transactions.
All other index closed lower during the week with exception of NSE Industrial Goods Index that gained 1.08 percent or 12.96 bps during the week to take its year-to-date profit to 12.92 percent.
Consumer Goods sector declined the most, shedding 18.27 bps or 3.84 percent last week to take its total loss this year to 22.74 percent.