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Top Companies In Nigeria Record Losses Due To COVID-19

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Nigerian top companies including Dangote Cement, Bita, VITA FOAM have recorded massive losses as investors lose ₦35.04 billion.

The losses are as a result of the grave impact of the COVID-19 pandemic on businesses and companies in Nigeria and the world at large.

Top Companies in Nigeria Record Losses Due to COVID-19: CEO Dangote Group

Nairametrics: CEO, Dangote Group

The pandemic also brought about the global economic crisis the world is in now.

NSE Records

The Nigerian Stock Exchange (NSE) market closed today on a rough note.

The all-share index plunged by 0.27% to close at 25,132.67 basis points as against the -0.15% depreciation recorded previously.

While its year-to-date (YTD) returns currently stands at 6.37%.

Currently, the NSE market revenue is at ₦13.110 trillion, and investors have lost ₦35.04 billion.

The trading volume turnover ended negatively as the volume dropped by -66.59%, compared to the +86.96% increase recorded in the previous session.

For instance, top banks like Guaranty Trust Bank (GTB), Zenith Bank and Sterling bank, will be the most active to boost the market turnover.

Top Companies In Nigeria Record Losses Due To COVID-19

Vanguard: Zenith Bank Building

The market breadth closed positive as Unilever led 17 gainers, as against 15 losers topped by LIVESTOCK.

Interestingly, the report is a significant improvement from previous ones.

Here are the top gainers this year:

Number one on the list is Unilever. The company gained up to 10.00% to close ₦13.75.

The second on the list is ARDOVA who gained 9.41% to close at ₦13.95.

Other top gainers include:

1. JBERGER up 9.63% to close at ₦16.5

2. DANGSUGAR up 3.46% to close at ₦12.3

3. MTNN up 1.99% to close at ₦117.8

Top losers

1. Vitafoam down 5.22% to close at ₦5.45

2. INTBREW down 3.51% to close at ₦2.75

3. UACN down 2.50% to close at ₦5.85

4. UCAP down 1.90% to close at ₦3.1

5. DANGCEM down 0.74% to close at ₦135.

The NSE started the first trading week on a rough patch. This puts pressure on financial stocks.

Consumers are however advised to be careful with their purchases due to growing political and economic uncertainties.

ALSO READ: MTN Appoints Former CFO, Ralph Mupita As CEO

About the Nigerian Stock Exchange

Top Companies in Nigeria Record Losses Due to COVID-19: Nigeria Stock Exchange

Businessday.ng: NSE Interior Building

The Nigerian Stock Exchange was founded in 1961 in Lagos, therefore, it was responsible for providing a platform for selling and buying of stocks and securities.

In the fixed income market, the NSE has 84 FGN bonds, 21 state bonds, 27 corporate bonds, one supernatural bond, and 53 memorandum listings.

To encourage foreign investments in Nigeria, the government has established legislation that prevents the flow of foreign capital into the country.

This has encouraged foreign brokers of any nationality to enlist as dealers on the Nigerian Stock Exchange.

Nigerian companies are also allowed multiple and cross border listings on foreign markets.

To promote transparency and trust in the capital market, the NSE reconstituted the Investors’ Protection Fund (IPF) in 2012.

The fund is established to compensate investors who suffered financial losses.

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