The Nigerian stock market experienced a decrease of N539 billion in the past week, with the All-Share Index and market capitalisation dropping by 0.95 per cent to close at 97,520.54 and N56.039tn, respectively.
The market was opened for four trading days last week, as the Federal Government declared Tuesday, October 1, a public holiday to commemorate Independence Day.
Last week, investors traded a total turnover of 2.87 billion shares worth N132.81bn across 39,867 deals, compared to the 3.318 billion shares valued at N45.911 billion in 49,243 deals in the previous week.
The consumer goods industry led the activity chart (measured by volume), trading 1.341 billion shares valued at N106.1bn in 4,652 deals, contributing 46.68 per cent and 79.89 per cent to the total equity turnover volume and value, respectively.
The financial services industry followed with 926.615 m shares worth N14.924bn in 19,174 deals.
The oil and gas industry ranked third with a turnover of 244.638 million shares valued at N7.22bn in 4,221 deals.
Trading in the top three equities were Guinness Nigeria, United Bank for Africa, and Japaul Gold & Ventures accounted for 1.708 billion shares worth N110.77bn in 5,004 deals, contributing 59.47 per cent and 83.40 per cent to the total equity turnover volume and value, respectively.Additionally, a total of 27,532 units valued at N4.950m were traded last week in 90 deals, compared to 92,630 units valued at N42.253 m transacted in 135 deals the week earlie
In the decliners’ category, MCNICHOLS Plc recorded the steepest drop, dipping by 15.63 per cent to N1.35.
Fidelity Bank Plc followed closely, shedding 13.33 per cent to close at N13.00 and Dangote Sugar Refinery declined by 12.20 per cent to N30.60.
In the period under review, 33 shares declined, consistent with the previous week, while 73 equities remained unchanged.
Additionally, some business moves during the month underscored the economic pressure on the equity market, especially in the Consumer Goods sector.
PZ Cussons announced that it was repurchasing shares, which could result in the ticker being removed from the market.
Also, Flour Mills of Nigeria declared that it would delist from the local bourse after completion of its share buyback.
