text: Rising COVID-19 cases, gloomy outlook drag NSE's index by 0.72% — Business — The Guardian Nigeria News – Nigeria and World News
  Rising COVID-19 cases, gloomy outlook drag NSE's index by 0.72%
  NSE trading floor PHOTO FEMI ADEGESIN-KUTI
  Following rising cases of COVID-19 and gloomy economic outlook, the domestic bourse retreated after two consecutive weeks of gains last week, causing the NSE All-Share Index (ASI), and market capitalisation to depreciate by 0.72 per cent to close the week at 23,871.33, and N12.441trillion, respectively.
  All other indices finished lower with the exception of the Nigerian Stock Exchange (NSE) Main Board, NSE CG, NSE Pension, NSE ASeM, NSE AFR Bank Value, NSE Meri Growth, NSE Consumer Goods, and NSE Oil/Gas, which gained 1.29 per cent, 1.52 per cent, 0.7 per cent, 0.3 per cent, 1.65 per cent, 4.76 per cent, 2.2 per cent, and 1.56 per cent, respectively.
  Analysis of activities which caused Year-To-Date (YTD) losses to increase to -11.1 per cent showed that the NSE reopened on a downturn on Monday, following price losses suffered by most blue-chip stocks, while market capitalisation dipped by N49billion.
  Specifically, the ASI decreased by 94.57 absolute points, or 0.39 per cent to close at 23,950.83 points.
  Similarly, the overall market capitalisation shed N49billion to close at N12.482trillion.
  The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which were; Chemical and Allied Products (CAP), Guaranty Trust Bank, Union Bank of Nigeria (UBN), Zenith Bank, and Honeywell Flour Mill.
  Transaction on the equities sector of the NSE continued southward on Tuesday, as more bellwethers prices fell, resulting to a further decline in the ASI by 1.06 per cent.
  In summary, the ASI shed 254.93 absolute points, representing a decline of 1.06 per cent to close at 23,695.90 points. Similarly, the overall market capitalisation lost N133billion to close at N12.349trillion.
  The downtrend was impacted by losses recorded in large and medium value stocks, amongst which were; Dangote Cement, MTN Nigeria Communications, BUA Cement, Caverton Offshore Support Group, and Arbico Plc.
  At the close of trading on Wednesday, the Nigerian equities market halted the losing streak to close upbeat, occasioned by a renewed interest in high-cap stocks, causing market capitalisation to appreciate by N7billion.
  Precisely, the NSE ASI increased by 13.54 absolute points, a 0.06 per cent rise to close at 23,709.44 points. Similarly, the market capitalisation rose by N7billion to close at N12.356trillion.
  Amid sustained interest in most high value stocks, transactions on the equities sector of the NSE continued northward on Thursday, causing the ASI to rise further by 0.77 per cent.
  Exactly, the ASI increased by 183.48 absolute points, to close at 23,892.92 points, a growth of 0.77 per cent. Also, the overall market capitalisation gained N85billion to close at N12.441trillion.
  The spike was impacted by gains recorded in large and medium capitalised stocks, amongst which were; Nestle Nigeria, Dangote Cement, Guaranty Trust Bank, Zenith Bank, and Fidson Healthcare.
  Analysts at Codros Capital Limited said: "In our opinion, risks remain on the horizon due to a combination of the increasing number of COVID-19 cases in Nigeria and weak economic conditions.
  A turnover of 926.418 million shares worth N9.768billion was recorded in 20,910 deals by investors on the floor of the Exchange.
  The volume traded is, however, higher than the 1.662 billion shares valued at N18.205billion that was exchanged in 28,791 deals a week ago.
  The financial services industry (measured by volume) led the activity chart with 676.072 million shares valued at N5.053billion, traded in 10,753 deals; thus contributing 72.98 per cent to the total equity turnover.
  The conglomerates' industry followed with 71.117 million shares worth N399.502million in 445 deals.
  The third place was the Consumer goods industry; with a turnover of 48.835 million shares cost N1.569billion in 3,497 deals.
  Trading in top three equities, namely; FBN Holdings Plc, Guaranty Trust Bank, and Zenith Bank Plc. (measured by volume) accounted for 335.075 million shares worth N4.061billion in 4,885 deals, contributing 36.17 per cent to the total equity turnover.