Negative sentiments are still common on the Nigerian stock exchange, reflected in how the shares are being poured into high volume sales week after week.
The excess market has put most stocks in relentless losses for days in a row, causing a cumulative negative return for the year of 17.30% for stock investors so far this year.
And the outlook is by no means favorable, with the argument that the broad implications of COVID-19 may not only further contract the economy, but also sustain this ugly trend throughout 2020.
All main market performance indicators closed down this week. A negative market amplitude was recorded, with 35 losers emerging against 27 winners. The All Share index (ASI) and market capitalization decreased simultaneously by 2.35%, with the first dropping to 22,198.43 basis points and the second with N11.568 trillion.
Trading Volume of 2.804 billion shares estimated at N32.559 billion was recorded in 31.715 trades this week, compared to 3.964 billion shares worth N43.703 billion registered in 26.054 trades last week.
At the Activity, the financial services sector dominated trade, with 2.50 billion shares estimated at N25.292 billion, traded in 23.243 trades. Specifically, it contributed 89.44% and 77.68% to the total equity value and volume, respectively. The conglomerate industry followed, trading 60.873 million shares worth N105.948 million in 767 trades. The Services sector followed, trading 51,296 million shares at a price of N117,545 million in 350 trades.
As for Index Movement, all depreciated indices, except the NSE Banking, NSE Insurance and NSE Oil and Gas, which rose 0.29%, 2.80% and 0.22% in that order. The NSE ASeM Index has not moved.
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