A depreciation of three percent or N279 billion was recorded on the Nigerian Stock Exchange during trading activities last week as The NSE All-Share Index and Market Capitalization closed the week at 26,170.88 and N9.009 trillion, down from its opening values of 26,981.60 and N9.288 trillion respectively. Other indices also finished the week lower while the NSE ASeM Index closed flat.
The stock market has recorded decline for four consecutive weeks, with the ASI dropping by 1,690.15 points and the market capitalization losing N561 billion.
Economic analyst and researchers have attributed the overall downturn of the market to continuous uncertainty of the Nigerian Economy.
According to them, investors will not put their money in the market, until there is a reasonable level of consistency. They want to see our indicators improve before some of their confidence can return said senior researcher at planet capital.
However, a turnover of 2.847 billion shares worth N7.420 billion in 16,065 deals were traded by investors on the floor of the Exchange in the course of the week, in contrast to a total of 873.838 million shares valued at N8.024 billion that exchanged hands last week in 15,944 deals.
The Financial Services Industry (measured by volume) led the activity chart with 2.632 billion shares valued at N4.935 billion traded in 10,882 deals; thus contributing 92.48 percent and 66.51 percent to the total equity turnover volume and value respectively.
The ICT Industry followed with 105.401 million shares worth N52.702 million in 11 deals. The third place was occupied by the Conglomerates Industry with a turnover of 36.495 million shares worth N44.162 million in 446 deals.
Trading in the Top Three Equities in volume terms were Standard Alliance Insurance Plc, Chams Plc and Guaranty Trust Bank Plc. They accounted for 2.310 billion shares worth N3.005 billion in 1,825 deals, contributing 81.16 percent and 40.49 percent to the total equity turnover volume and value respectively.
Eighteen equities appreciated in price during the week, lower than twenty- four equities of the previous week. Thirty-six equities depreciated in price, lower than thirty-seven equities of the previous week, while one hundred and twenty-seven equities remained unchanged higher than one hundred and twenty equities recorded in the preceding week.