Nigerian Stock Exchange Sheds 0.65% Last Week

• Nigerian Stock Exchange Sheds 0.65% Last Week

Despite surged in the volume of trade, the Nigerian Stock Exchange recorded a slight decline last week.

The NSE All-Share Index declined by 0.65 percent to close at 29,851.29, while market capitalisation closed at N13.155 trillion.

Activity level rose during the week with volume and value traded rising by 762 per cent and 477 percent, respectively.

Total shares of 7.476 billion valued at N91.107 billion were exchanged in 17,192 deals last week, up from the 868.739 million shares worth N15.792 billion transacted in 12,201 deals in the previous week.

The surged in volume traded is largely due to the sale of Forte oil to Mr Abdulwasiu Sowami, the Chairman, Ignite and Chief Executive, Prudent Energy Services.

A sectorial breakdown showed the Consumer Goods Index dipped by 1.6 percent during the week, while the Industrial Goods Index shed 1.5 percent.

The NSE Insurance Index, however, led gainers with 8.7 percent. Followed by the NSE Banking Index which surged by 2.6 per cent. The Oil & Gas sector added 0.7 percent.

Commenting on the week performance, analysts at Cordros Capital Limited said: “We reiterate our view that the blend of a compelling valuation story, together with positive macroeconomic picture leaves scope for market recovery in the medium term. However, we guide investors to tread the cautious trading path in the short term.”