Nigerian Stock Exchange Loses N198bn in 4 Days

• Nigerian Stock Exchange Loses N198bn in 4 Days

The bearish trend in the Nigerian Stock Exchange market doesn’t seem abating as more stocks closed in the red last week.

The market capitalisation dropped from N11.177 trillion in the previous week to N10.979 trillion on Friday. Representing a decline of N198 billion.

While trading was negative in the first two days of the week, it was positive in the final two days.

NSE All-Share index lost 73 basis points on Monday, Tuesday 122b bps, and on Thursday All-Share index turned positive as the market capitalisation gained N10.963 trillion.

Activity on the floor was lower than the previous week, a total of 1.470 billion shares valued at N15.498 billion in 18,092 transactions was traded during the week by investors, down from the 1.432 billion shares valued at N15.089 billion that exchanged hands the previous week in 15,342 deals.

The financial services sector led activity by volume with 610.138 million shares worth N5.828 billion traded in 8,012 deals, thus contributing 41.50 per cent and 37.61 per cent to the total equity turnover volume and value, respectively.

Followed by the conglomerates sector with 227.766 million shares worth N777.211 million in 1,558 deals.

At the top of the chart were Transnational Corporation of Nigeria Plc, Cement Company of Northern Nigeria Plc and Japaul Oil & Maritime Services Plc (measured by volume) accounted for 403.650 million shares worth N2.103 billion in 1,124 deals, contributing 27.46 per cent and 13.57 per cent to the total equity turnover volume and value, respectively.