Stock Market Losses N581 Billion in November

• Stock Market Losses N581 Billion in November

The Nigerian Stock Exchange market recorded losses in November as business confidence remained weak across board.

The market capitalisation of listed equities dropped from N11.852 trillion on October 31, 2018 to N11.271 trillion on November 30. Lossing a total of N581 billion during the month.

Performance worsened last week as investors continued to sell off their holdings ahead of the national election. The All Share Index declined four out of the five trading sessions to erase 2.5 per cent week-on-week to settle at 30,874.17 basis points. Bringing the index year to date losses to -19.3 per cent.

Shares worth of N14.277 billion were traded in 15,841 transactions during the week, slightly lower than the N23.142 billion that exchanged hands in 11,467 transactions in the previous week.

A weekly report by the NSE showed the financial industry led activity in terms of volume with 963.315 million shares valued at N7.536bn traded in 8,871 transactions.

This, according to the report, contributed 80.38 per cent and 52.79 per cent to the total equity turnover volume and value, respectively.