Chris Ugwu Investors in Nigerian equities have lost N399 billion in the month of June as widespread of Coronavirus (COVID-19) continues to take tolls on economies across the globe.
Market analysts believed bargain hunters, especially foreign portfolio investors who dominate the equity market has continued to trade cautiously as selloffs persisted, amidst the growing health risks and security tensions.
Available statistics to New Telegraph showed that activities on the Nigerian Stock Exchange (NSE) which opened the trading at N13.168 trillion in market capitalisation and 25,267.782 in index at the beginning of trading on June 1, 2020, closed the month yesterday at N12.769 trillion and 24,479.22 index points, hence has earned a loss of about N399 billion.
Also, the All-Share Index shed 788.6 basis points or three per cent to close at 24,479.22 index points as against 25.267.82 recorded at the beginning of the trading.
The index measures the performance of the stock market and also reflects how prices of stocks have moved, which in turn determines how much investors made as gains or losses. Meanwhile, the equities market closed yesterday on a negative note, ending the month of June. The market performance indices, NSE ASI, depreciated by 1.53 per cent as market breath closed negative with 10 gainers and 34 losers. Consequently, the All- Share Index dropped by 379 basis points or 1.53 per cent from 24,859.89 index points the previous day to 24,479.22 while the market capitalisation of equities depreciated by N198 billion to close at N12.769 trillion from N12.976 trillion.
On the activity chart, the premium sub-sector dominated in volume terms with 99.26 million shares exchanged in 1,313 deals. The sub sector was enhanced by the activities in the shares of FBNH Plc. and Zenith Bank Plc. The banking sub-sector boosted by activities in shares of Fidelity Bank Plc. and GTBank Plc. followed with 26 million units traded in 591 deals.