Equities market, yesterday reversed the week-old rally recorded last week as three tier-1 banks paled performance in the market leaving investors with N1 billion loss.
The banks, which include Zenith Bank Plc, Access Bank Plc and Guaranty Trust Bank Plc, recorded 5.67 percent, 4.48 percent and 4.33 percent decline respectively, resulting in 0.01 percent negative returns to investors despite the positive performance in some blue chip stocks.
Specifically, the benchmark All Share Index (ASI) fell to 22,920.41 points from 22,921.59 points, indicating 0.01 percent decline.
The market capitalization of all listed entities also declined by same margin, falling to N11.945 trillion from N11.946 trillion on Friday.
Analysis of the sectorial activity showed a mixed performance as three sectors recorded positive returns, while two closed negative.
The banking sector recorded the highest price decline at -4.01 percent following the losses in the three tier-1 banks.
Analysts at United Capital Plc, however, posited that sentiment would improve this week but with less intensity as stock prices find a new level.
“Also, the influx of first quarter 2020 (Q1’20) earnings by listed companies is on the watchlist of investors and will shape the market,” they said.
…NSE extend filling period
Meanwhile, the Nigerian Stock Exchange (NSE) has extended the period for filing of quarterly reports by 60 days.
This was after the Exchange extended the period for filing of full year audited financial statement in similar fashion last month.
It, however, said in a circular titled: “Extension of Time to file all Financial Statements”, said that an issuer “shall not announce its interim accounts without having first filed its last audited financial statements and any contravention of this provision shall be deemed to be an unauthorized publication”.
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