Local Equities Market Plunges by 3.51% as Bonny Light Crashes to USD21.41

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Local Equities Market Plunges by 3.51% as Bonny Light Crashes to USD21.41Local Equities Market Plunges by 3.51% as Bonny Light Crashes to USD21.41

In the just concluded week, amid further drop in crude oil prices, especially Bonny Light which fell to USD21.41 per barrel on Thursday, April 2, 2020, from USD24.83 per barrel on Thursday, March 26, 2020, the Lagos bourse tanked by 3.51% week-on-week, resulting in a moderation of the NSE ASI to 21,094.62 points. Amid the sustained bearish activity, most of the sub-sector gauges declined: the NSE Banking, the NSE Consumer Goods, the NSE Industrial and the NSE Insurance indices fell by 5.26%, 3.93%, 1.22% and 0.27% respectively to 234.47 points, 314.16 points, 1,028.33 points and 117.77 points respectively. However, the NSE Oil/Gas index rose by 2.33% to 216.42 points.

Elsewhere, market activities weakened further as investors picked up shares at lower prices. Hence, total deals and Naira votes decreased by 13.29% and 24.47% to 18,928 deals and N11.27 billion respectively. However, transaction volumes increased by 5.71% to 1.53 billion shares.

In the new week, we expect the local bourse to close in red territory amid low crude oil prices. Also, as more state governors take stricter measures to strengthen social distancing mandate, we expect share prices to moderate. Notwithstanding, we expect investors to take a position in companies with high beta and dividend yield.

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Cowry Asset Management

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Local Equities Market Plunges by 3.51% as Bonny Light Crashes to USD21.41Local Equities Market Plunges by 3.51% as Bonny Light Crashes to USD21.41

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Local Equities Market Plunges by 3.51% as Bonny Light Crashes to USD21.41Local Equities Market Plunges by 3.51% as Bonny Light Crashes to USD21.41

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- Advertisement -Local Equities Market Plunges by 3.51% as Bonny Light Crashes to USD21.41Local Equities Market Plunges by 3.51% as Bonny Light Crashes to USD21.41