Nigerian Stock Exchange Extends Losing Streak, Sheds N245 Billion Last Week

Stocks in Africa’s largest economy Nigeria extended their losing streaks last week as investors continue to dump their holdings amid growing economic uncertainties and unclear policy direction.

Investors traded 2.092 billion shares worth N29.744 billion in 24,238 deals during the week, against a total of 1.930 billion shares valued at N20.656 billion that were traded in the previous week in 24,687 transactions.

Last week, the financial services industry led the activity chart in terms of volume traded with 1.633 billion shares valued at N10.727 billion traded in 13,269 deals. Therefore, the industry contributed 78.06 percent and 36.06 percent to the total equity turnover volume and value traded, respectively.

The consumer goods industry followed with 92.009 million shares worth N4.521 billion in 4,168 deals. While in third place was the oil and gas industry with a turnover of 91.340 million shares worth N10.527 billion in 1,471 transactions.

The top three most traded equities during the week were Wema Bank Plc, Axamansard Insurance Plc and Zenith Bank Plc, together the three accounted for 903.561 million shares valued at N5.564 billion and traded in 4,017 transactions. The three contributed 43.19 percent and 18.71 percent to the total equity turnover volume and value, respectively.

The market value of listed equities declined by N245 billion from N20.823 trillion in the previous week to N20.578 trillion last week. While the Nigerian Stock Exchange All-Share Index declined by 468.28 index points or 1.18 percent from 39,799.89 index points recorded in the previous week to 39,331.61 index points last week.

Year-to-date returns stood at -2.33 percent last week. See top gainers and losers below.