27 Stocks Sink Nigerian Stock Market by 0.68% in One Week

By Dipo Olowookere

The Nigerian stock market was bearish last week as it depreciated by 0.68 per cent in the five-day trading week, thanks to 27 equities, which suffered losses at the close of business, though lower than 49 stocks in the preceding week.

The poor performance recorded by the Nigerian Exchange (NGX) Limited weakened the All-Share Index (ASI) and market capitalisation to 41,882.97 points and N21.854 trillion respectively.

Data from the exchange showed that all other indices finished higher with the exception of NGX 30, NGX premium, Lotus II and industrial goods indices, which depreciated by 0.54 per cent, 2.25 per cent, 1.31 per cent and 5.42 per cent respectively, while the ASeM, AFR Div Yield, and sovereign bond indices closed flat.

Business Post reports that 35 equities appreciated in price during the week, higher than 18 equities in the previous week, while 94 equities remained unchanged higher than 89 equities recorded in the previous week.

Unity Bank recorded the heaviest fall with 15.69 per cent to sell for 43 kobo, Dangote Cement dropped 10.00 per cent to N252.00, Linkage Assurance decreased by 8.93 per cent to 51 kobo, ABC Transport lost 8.82 per cent to trade at 31 kobo, while May & Baker shed 8.69 per cent to N4.10.

On the flip side, Meyer gained 50.00 per cent to trade at 33 kobo, Consolidated Hallmark Insurance rose by 25.00 per cent to 55 kobo, Academy Press grew by 20.51 per cent to 47 kobo, UPDC appreciated by 19.19 per cent to N1.18, while Royal Exchange jumped by 13.21 per cent to 60 kobo.

On the activity chart, a total of 2.6 billion shares worth N26.9 billion were traded in the week in 20,848 deals as against the 1.3 billion shares valued at N17.3 billion transacted a week earlier in 21,052 deals.

From these transactions, financial stocks accounted for 2.2 billion units worth N21.5 billion in 11,482 deals, contributing 84.95 per cent and 79.73 per cent to the total trading volume and value respectively.

The services stocks followed with 157.1 million units worth N695.8 million in 465 deals, while consumer goods equities traded 71.0 million units worth N1.7 billion in 3,019 deals.

The trio of FBN Holdings, Sterling Bank and C & I Leasing accounted for 1.6 billion shares worth N14.751 billion in 1,646 deals in the week, contributing 61.13 per cent and 54.84 per cent to the total trading volume and value respectively.