Nigerian Stock Market Posts 2.32% Weekly Loss

By Dipo Olowookere

The All-Share Index (NSE) of the Nigerian Stock Exchange (NSE) went down by 695.92 points or 2.32 percent last week to finish at 29,270.95 points, data from the NSE revealed.

Also, the market capitalisation depreciated by 2.30 percent in the week to settle at N12.902 trillion as investors continued with profit-taking.

Similarly, all other indices finished lower with the exception of the NSE Industrial Goods, which appreciated by 3.28 percent.

According to the data, a total of 21 equities appreciated in price during the week, lower than 36 in the previous week, while 44 equities depreciated in price, higher than 32 equities in the previous week, with 103 equities remaining unchanged, higher than 100 equities recorded in the preceding week.

During the week, the stock market recorded a total turnover of 1.025 billion shares worth N9.911 billion in 19,375 deals traded by investors in contrast to a total of 1.771 billion shares valued at N28.036 billion that exchanged hands a week earlier in 18,660 deals.

The financial services sector led the activity chart with 660.844 million shares valued at N5.735 billion traded in 11,296 deals, contributing 64.49 percent and 57.87 percent to the total equity turnover volume and value respectively.

The healthcare industry followed with 95.150 million shares worth N61.699 million in 174 deals, while the third place was the industrial goods sector with a turnover of 89.419 million shares worth N1.416 billion in 1,723 deals.

Trading in UBA, Zenith Bank and FBN Holdings in terms of volume accounted for 297.889 million shares worth N3.095 billion in 3,998 deals, contributing 29.07 percent and 31.23 percent to the total equity turnover volume and value respectively.

Also transacted in the week were a total of 12,375 units of Exchange Traded Products (ETPs) valued at N6.223 million executed in 8 deals compared with a total of 505,460 units valued at N39.278 million that were transacted the previous week in 27 deals.

In addition, a total of 1.007 million units of Federal Government Bonds valued at N1.024 billion were traded in the week in 14 deals compared with a total of 47,212 units valued at N49.976 million transacted a week earlier in 34 deals.