Investors Lose N660Bn As Stock Market Ends Lower

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Investors lost N660bn last week as the nation’s stock market closed lower at the end of trading amid lingering profit-taking.

The Nigerian Stock Exchange All-Share Index dropped by 3.04 per cent to 40,439.85 on Friday from while the market capitalisation fell by N660bn to close at N21.16tn.

All other indices finished lower with the exception of NSE Growth Index which rose by 0.42 per cent while the NSE ASeM and NSE Sovereign Bond Indices closed flat.

A total turnover of 2.68 billion shares worth N23.66bn in 27,844 deals were traded last week by investors on the floor of the exchange, up from 2.77 billion shares valued at N29.69bn that exchanged hands in 31,380 deals in the previous week.

The financial services industry (measured by volume) led the activity chart with 2.03 billion shares valued at N13.42bn traded in 14,832 deals, thus contributing 75.74 per cent and 56.70 per cent to the total equity turnover volume and value respectively.

The consumer goods industry followed with 181.77 million shares worth N3.60bn in 4,676 deals. The conglomerates industry came third, with a turnover of 175.09 million shares worth N324.01m in 1,168 deals.

Trading in the top three equities, namely Living Trust Mortgage Bank Plc, FBN Holdings Plc and Zenith Bank Plc (measured by volume), accounted for 1.21 billion shares worth N6.58bn in 3,785 deals, contributing 45.02 per cent and 27.81 per cent to the total equity turnover volume and value respectively.

Sixteen equities appreciated in price last week, down from 22 in the previous week; 55 equities depreciated in price, compared with 60 in the previous week, while 91 equities remained unchanged, compared with 80 recorded in the previous week.

– Punch

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