Investors lost N278.76 billion in one week, as weak oil prices and the impact of Coronavirus took a sweep on the Nigerian stock exchange.
Analysis of the stock market conducted by POLITICS NIGERIA showed that despite the bullish run of the market on Friday, risk-off sentiment continues to cause sell-off in the market. At of last trading day, the market gained 0.54% to close the week at 22,198.43pts with 18 gainers against 13 losers.
The market capitalization stood at N11.568 trillion.
Further analysis showed that gains were recorded in the Banking, Insurance and Oil/Gas sectors which appreciated by 0.29%, 2.80%, and 0.22%. All other indices finished lower with the exception of the NSE ASeM Index which closed flat.
According to the stock report, thirty-five (35) equities appreciated in price during the week, higher than two (2) equities in the previous week. Twenty- seven (27) equities depreciated in price, lower than sixty- four (64) equities in the previous week, while one hundred and one (101) equities remained unchanged, higher than ninety- seven (97) equities recorded in the preceding week.
The top gainers for the week:
- Cadbury Nigeria Plc – 26.26%
- NPF Microfinance Bank Plc – 23.53%
- United Capital Plc – 20.50%
- Caverton Offshore Support Plc – 20.19%
- Union Bank of Nigeria Plc – 20%
Top decliners for the week:
- Wapic Insurance Plc 22.22%
- United Bank For Africa Plc 18.70%
- May & Baker Nigeria Plc 16.74%
- Dangote Cement Plc 15.32%
- Transcorp Plc -14.29%.
Analysts at Investment One believe that this may be one of the best periods to start buying quality names with a medium to long term horizon.