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Stock Market Loses N291.5bn Last Week



Oscar Onyema
  • Stock Market Loses N291.5bn Last Week

The Nigerian Stock Exchange lost a total of N291.5 billion last week as investors continued to take profit.

Despite companies declaring positive balance sheet throughout the week, selling pressure persists across the equity market and dragged the year-to-date return to -0.92 basis points.

The All-Share Index declined by 245 basis points week-on-week as the equity market posted four red closes out of five sessions.

Total shares of 1.113 billion valued at N13.465 billion in 15,036 transactions were traded last week, lower than the 1.290 billion shares worth N13.873 billion traded in the prior week.

In terms of volume traded, the financial services industry led with 926.286 million shares valued at N9,696 billion were transacted in 9,906 deals, therefore, contributing 83.25 per cent and 72.01 per cent to the total equity turnover volume and value, respectively.

Followed by the Information and Communication Technology industry with 73.076 million shares worth N14.664 million in 35 deals.

The third place was occupied by the consumer goods industry with a turnover of 36.749 million shares worth N2.562bn in 2,301 deals.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.