Stock Investors Lose N371bn on Thursday

• Stock Investors Lose N371bn on Thursday

Despite 1.09 percent gain recorded on Wednesday after the Central Bank of Nigeria announced N1.1 trillion stimulus to support businesses, the Nigerian Stock Exchange (NSE) on Thursday resumes decline as global uncertainty heightens and risks associated with emerging assets surged.

The market capitalisation of listed equities declined by N371 billion from N11.876 trillion it closed on Wednesday to N11.505 trillion Thursday as market confidence drops after four new cases of coronavirus were announced in Lagos.

NSE All-Share Index dipped by 3.12 percent or 711.06 basis points from 22,789.6 basis points recorded on Wednesday to 22,078.58 bps on Thursday.

The activity level was flat as 525.8 million shares were traded in 5,450 transactions. The premium board led the activity chart with 196.4 million shares exchanged in 2,756 deals.

Fidelity Bank Plc and GTBank Plc boosted the banking sub-sector with a combined turnover of 141.4 million shares traded in 1,290 transactions.

Africa Prudential Registrars Plc led top gainers with 9.91 percent to close at N3.55 per share. Followed by Jaiz Bank and Cornerstone Insurance Plc with 9.76 percent and 9.43 percent to close at 45 kobo per share and 58 kobo per share, respectively.

Weak global oil prices and falling foreign reserves amid rising consumer prices are some of the factors weighing on the Nigerian Stock Exchange as investors continue to stand aside to assess government policy and current economic time.