Investors have lost N2.3 trillion in one month as uncertainty in the domestic and global economy, triggered by the devastating effect of the raging COVID- 19 crisis continue to hit hard on the equities sector of the Nigerian Stock Exchange (NSE).
Market capitalisation of listed equities, which opened the month of March at N13.449 trillion, depreciated by N2.3 trillion to close at N11.100 trillion yesterday.
The All-share index equally declined by 4,516.1 points or 21.2 percent from 25, 816.57 to 21, 300.47 points.
This is despite impressive earnings and dividend announcements from listed companies.
For instance, the tier-1 banks with an acronym- FUGAZ which is First Bank, United Bank of Africa (UBA), Guaranty Trust Bank (GTBank), Access Bank and Zenith Bank made double-digit returns at the end of 2019 financial year.
First Bank’s parent company, FBN Holdings returned 24.4 percent, the highest from Nigeria’s top five banks.
Zenith Bank and United Bank for Africa (UBA) have also both returned 18.7 percent and 16.8 percent respectively.
Meanwhile, the global and domestic economy has been grappling with Coronavirus pandemic.
The seemingly improved performance and buying interest in financial services stocks, consumer and industrial goods of the NSE failed to push the market indices as sell-offs in large company shares dragged the key performance indices down.