Nigerian Stocks Post 2.27% Weekly Loss

Stocks Depreciate

By Modupe Gbadeyanka

The All-Share Index (ASI) and market capitalisation of the Nigerian Stock Exchange (NSE) both depreciated last week by 2.27 percent to close the week at 27,919.50 points and N13.607 trillion respectively. Also, in the week, all other indices on the NSE finished lower.

An analysis of the price movement chart indicated that 15 equities appreciated in price during the week, lower than 18 in the previous week, while 52 equities depreciated in price, higher than 39 equities in the previous week, with 102 equities remaining unchanged, lower than 111 equities recorded in the preceding week.

For the turnover, investors exchanged 1.086 billion shares worth N13.390 billion in 15,774 deals during the week in contrast to a total of 988.491 million shares valued at N13.839 billion transacted the previous week in 16,414 deals.

Equities in the financial services industry were the most traded with a turnover of 829.468 million units sold for N8.493 billion in 8,596 deals, thereby contributing 76.41 percent and 63.42 percent to the total equity turnover volume and value respectively.

Stocks in the ICT sector followed with 90.049 million shares worth N851.989 million in 658 deals, while shares in the conglomerates industry recorded 56.788 million units traded for N84.522 million in 731 deals.

A further breakdown revealed that FBN Holdings, GTBank and UBA accounted for 420.921 million shares worth N5.516 billion in 3,430 deals, contributing 38.77 percent and 41.19 percent to the total equity turnover volume and value respectively.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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