Nearly three in every four transactions were closed at premium at the stock market on Wedensday as the market started full remote trading, after shutting down trading floors in response to the pandemic Covid-19.

With 20 advancers to seven decliners, the market situation at the Nigerian Stock Exchange (NSE) showed underlying resilience and bargain-hunting.However, losses recorded by two large-cap stocks, Total Nigeria and MTN Communications Nigeria, dragged the overall market position to negative.

The NSE had indicated that it would close all its trading floors with effect from on Wednesday as part of a 30-day emergency response plan to the continuing spread of Covid-19. Stockbrokers will trade using their remote platforms while NSE's staff will be working through various digital platforms.

Benchmark indices at the Exchange indicated average decline of 0.05 per cent, equivalent to a marginal decline of N6 billion. This depressed the average year-to-date return to -19.1 per cent.

Aggregate market value of all quoted equities at the NSE dropped from its opening value of N11.324 trillion to close at N11.330 trillion. The All Share Index (ASI)- the value-based index that tracks all share prices at the Exchange, declined from its opening index of 21,741.16 points to close at 21,729.48 points. The negative overall market position was mainly due to losses by Total Nigeria and MTN, which lost N10.70 and N3 to close at N96.30 and N100 respectively.

All sectoral indices closed on the upside with the exception of the NSE Oil and Gas Index, which dropped by 1.0 per cent. The NSE Banking Index appreciated by 2.9 per cent. The NSE Insurance Index rose by 1.4 per cent. The NSE Industrial Goods Index gained 0.4 per cent while the NSE Consumer Goods Index inched up by 0.2 per cent.

Zenith Bank led the advancers with a gain of 80 kobo to close at N11.75. Cadbury Nigeria followed with a gain of 50 kobo to close at N5.65 while United Bank for Africa and Lafarge Africa added 40 kobo each to close at N4.80 and N9.50 respectively.

Total turnover stood at 233.47 million shares valued at N2.24 billion in 3,874 deals. Guaranty Trust Bank was the most active stock with a turnover of 49.70 million shares worth N874.78 million.

'We expect the bearish performance to be sustained as the Covid-19 spread continues to dampen investor sentiment,' Afrinvest Securities stated.

© Pakistan Press International, source Asianet-Pakistan