Stock Market Depreciates by 1.38% Last Week

• Stock Market Depreciates by 1.38% Last Week

The Nigerian Stock Exchange (NSE) depreciated by 1.38 percent last week following a disappointing GDP number.

Nigeria, Africa’s largest economy, grew by 1.96 percent in the second quarter, below the 2.10 percent recorded in the first quarter of the year to further highlight the impact of weak sentiment and growing global uncertainty on the bourse.

The market capitalisation of listed equities declined by 1.38 percent to N13.207 trillion last week. While the NSE All-Share Index depreciated to 27,146.57.

Activity level was mixed as 1.101 billion shares valued at N17.082 billion were exchanged in 15,431 transactions against the previous week when a total of 713.141 million shares worth N13.295 billion were traded in 16,237 deals.

Financial services led activity chart by volume with 752.440 million shares worth N9.900 billion exchanged in 8,519 transactions. Representing 68.34 percent of the total volume traded and 57.96 percent of the total value traded.

The financial sector was followed by conglomerates industry with 93.204 million shares valued at N239.250 million in 883 deals.

The real estate sector came third with a turnover of 65.808 million shares value at N66.730 million in 100 deals.

The most traded stocks by volume were Guaranty Trust Bank Plc, Access Bank Plc and Zenith Bank Plc, collectively accounted for 530.372 million shares valued at N9.096 billion in 3,604 deals, contributing 48.17 percent and 53.25 percent to the total equity turnover volume and value respectively.