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Nigerian Stock Exchange Dips Slightly Last Week

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  • Nigerian Stock Exchange Dips Slightly Last Week

The Nigerian Stock Exchange (NSE) continues its bearish trend last week as uncertainty persists.

The market capitalisation of listed equities depreciated by 0.003 percent last week to N13.606 trillion, while the NSE All-Share Index declined to 27,918.59. Suggesting that the weak market sentiment remains despite president Muhammadu Buhari finally forwarding names of ministerial nominees to the Senate, however, the contained degree of decline signifies likely bottom.

Activity level was mixed during the week, total shares of 1.069 billion valued at N11.393 billion were traded in 16,346 deals, against 1.086 billion shares worth N13.390 billion transacted in 15,774 deals in the previous week.

In volume, the financial services sector led the activity chart with 606.437 million shares valued at N5.381 billion traded in 7,529 deals, representing 56.75 percent and 47.23 percent of the total turnover volume and value, respectively.

The ICT sector followed with 225.576 million shares worth N1.776 billion in 751 deals. Conglomerates sector did a turnover of 66.375 million shares valued N85.924 million in 890 deals.

However, NSE-Main Board, NSE Banking, NSE Pension, NSE Insurance, NSE AFR Div Yield and NSE Oil & Gas indices declined by 0.28 percent, 0.39 percent, 0.18 percent, 0.94 percent, 1.13 percent and 0.19 percent, respectively.

A total of 31 stocks appreciated during the week, more than the 15 recorded in the previous week. While 29 depreciated in price, lower than the 52 filed in the previous week. Still, 109 stocks were unchanged, again higher than the 102 recorded in the preceding week.

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