The nation’s stock market has shed a further N39bn week-on-week as the losing streak extended.
Last week, the market traded mostly negative, with three out of five sessions closing in the red.
The All Share Index ended the week 29 basis points in the red, driven by profit-taking on select stocks.
Selloffs in Airtel Africa Plc on Monday and Tuesday weighed on the bourse.
However, sentiment turned positive on Wednesday as interests in stocks in the banking sector increased
This positive performance was short-lived as sell-offs resumed on Thursday.
At the end of the week, almost all indices closed positive, with the banking and consumer goods sectors emerging as the strongest performers, while the industrial goods sector had the smallest advance amid mixed trading activity on Cement Company of Northern Nigerian Plc.
The oil and gas sector gained 0.48 per cent following major gains in Forte Oil Plc and Seplat Petroleum Development Company Plc.
A total turnover of 1.272 billion shares worth N18.750bn in 19,482 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.147 billion shares valued at N14.082bn that exchanged hands the previous week in 17,980 deals.
The financial services industry (measured by volume) led the activity chart with 945.947 million shares valued at N9.743bn traded in 11,046 deals; thus contributing 74.38 per cent and 51.96 per cent to the total equity turnover volume and value, respectively.
The consumer goods industry followed with 82.934 million shares worth N5.556bn in 2,862 deals.
The third place was conglomerates industry with a turnover of 80.821 million shares worth N267.101m in 1,163 deals.
Trading in the top three equities namely, FBN Holdings Plc, Guaranty Trust Bank Plc and Access Bank Plc (measured by volume) accounted for 482.334 million shares worth N6.561bn in 4,724 deals, contributing 37.93 per cent and 34.99 per cent to the total equity turnover volume and value, respectively.
Thirty-eight equities appreciated in price during the week while 29 stocks declined, compared to the 39 gainers and 19 losers recorded in the previous week.
Cornerstone Insurance Plc, Livestock Feeds Plc, Stanbic IBTC Holdings Plc, NEM Insurance Plc and UACN Plc emerged the top five performers with respective gains of 30 per cent, 28.21 per cent, 22.43 per cent, 20.79 per cent and 19.70 per cent.
The top five decliners were Airtel Africa, Champion Breweries Plc, Portland Paints and Products Nigeria Plc, NCR (Nigeria) Plc and Associated Bus Company Plc, depreciating by 19 per cent, 11.54 per cent, 9.72 per cent, 9.09 per cent and 8.33 per cent, respectively.
Analysts at Vetiva Capital Management Limited said while they highlighted that sentiment towards the equity market remained frail, they did not rule out the possibility of bargain hunting on fundamentally sound stocks trading at multi-week lows.