Finance

Banking Stocks Lose N5.2bn in One Week

Published

8 years ago

October 3, 2016

Banking Stocks Lose N5.2bn in One Week

The value of banking (financial services) industry stocks crashed by N5.2bn last week.

At the end of last trading of the week on the floor of the Nigerian Stock Exchange on Friday, the financial services industry (measured by volume) had 970.503 million shares on the activity chart, valued at N4.540bn and traded in 8,298 deals; thus contributing 75.41 per cent and 48.80 per cent to the total equity turnover volume and value, respectively.

But, in the penultimate week, the financial services industry had 4.177 billion shares valued at N9.788bn traded in 9,805 deals; thus contributing 96.45 per cent and 58.25 per cent to the total equity turnover volume and value, respectively.

Last week, 1.287 billion shares worth N9.303bn in 15,258 deals were traded by investors on the floor of the Exchange in contrast to a total of 4.331 billion shares valued at N16.803bn that exchanged hands in 16,797 deals the penultimate week.

Last week, the agriculture industry followed in terms of volumes traded with 109.788 million shares worth N155.716m in 269 deals. The third place was occupied by the consumer goods industry with a turnover of 82.938 million shares worth N2.774bn in 2,884 deals.

Trading in the top-three equities namely: Continental Reinsurance Plc, FCMB Group Plc and Livestock Feeds Plc (measured by volume) accounted for 463.640 million shares worth N516.306m in 770 deals, contributing 36.03 per cent and 5.55 per cent to the total equity turnover volume and value, respectively.