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Stock market extends losing streak, sheds N130bn


The market capitalisation of equities listed on the nation’s stock market declined by N130bn last week as negative sentiments persisted amid profit-taking.

The Nigerian Stock Exchange All-Share Index closed at 40,186.70 basis points on Friday, down from 40,439.85 a week before.

The market capitalisation dropped by 0.61 per cent to close at N21.03tn last week from N21.16tn in the previous week.

All other indices finished lower with the exception of NSE Banking, NSE AFR Div Yield, NSE MERI Value, NSE Oil/Gas and NSE Growth Indices which rose by 0.54 per cent, 1.20 per cent, 0.27 per cent, 4.60 per cent and 5.43 per cent while the NSE ASeM and NSE Sovereign Bond Indices closed flat.

A total turnover of 1.54 billion shares worth N18.24 billion in 22,752 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 2.68 billion shares valued at N23.66bn that exchanged hands in 27,844 deals in the previous week.

The financial services industry (measured by volume) led the activity chart with 1.09 billion shares valued at N11.11bn traded in 12,544 deals, thus contributing 71.35 per cent and 60.92 per cent to the total equity turnover volume and value respectively.

It was followed by the consumer goods industry with 133.16 million shares worth N2.33bn in 3,941 deals, while the conglomerates industry came third, with a turnover of 121.14 million shares worth N263.22m in 839 deals.

Trading in the top three equities, namely First Bank Holding Plc, Guaranty Trust Bank Plc and Zenith Bank Plc (measured by volume), accounted for 553.51 million shares worth N8.93bn in 5,132 deals, contributing 35.92 percent and 48.98 percent to the total equity turnover volume and value respectively.

Thirty-nine equities appreciated in price during the week, compared with 16 equities in the previous week; 33 equities depreciated in price, down from 55 in the previous week; 90 equities remained unchanged, compared with 91 in the previous week.

A total of 1.054 million units of Exchange Traded Products valued at N7.9bn were traded last week in 49 deals, compared with a total of 1.39 million units valued at N5.16bn transacted in 36 deals in the previous week.

A total of 8,613 units of bonds valued at N12.57m were traded last week in two deals, compared with a total of 46,721 units valued at N60.05m transacted in 19 deals a week before.

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