Stock Investors in Nigeria Loses N767 Billion This Week

Investors in the Nigerian stock market lost N767 billion this week as uncertainty amid the increase in interest rate weighed on the Nigerian Exchange Limited (NGX).

In the four days trading week, investors exchanged 940.892 million shares worth N11.494 billion in 20,077 deals, against a total of 1.831 billion shares valued at N19.494 billion that exchanged hands in 21,723 deals last week.

Breaking down key sectors, the Financial Services Industry led the activity chart with 692.325 million shares valued at N6.220 billion traded in 10,615 deals. Therefore, contributing 73.58% and 54.12% to the total equity turnover volume and value, respectively. The Conglomerates Industry followed with 89.872 million shares worth N 246.063 million in 764 deals.

In third place was the Consumer Goods Industry with a turnover of 54.227 million shares worth N1.232 billion in 2,923 deals.

United Bank for Africa Plc, Sterling Bank Plc and Transnational Corporation Plc were the three most traded equities during the week. The three accounted for 304.837 million shares worth N1.285 billion in 2,103 deals and contributed 32.39% and 11.18% to the total equity turnover volume and value, respectively.

The market value of all listed equities declined by N767 billion to N27.914 trillion, down from the N28.681 trillion it closed last week. The NGX All-Share Index dipped by 2.68% or -1,423.30 index points from 53,201.38 index points it closed last week to 51,778.08 index points this week.

Similarly, all other indices finished lower with the exception of the NGX Growth index which appreciated at 2.79% while the NGX Asem index closed flat.

Thirteen equities appreciated in price during the week, lower than Twenty-nine equities in the previous week. Fifty-one equities depreciated in price higher than Thirtysix equities in the previous week, while ninety-two equities remained unchanged higher than ninety-one equities recorded in the previous week.

Year to date, the Exchange has gained 21.21% and 10.25% in this second quarter. See the details of losers and gainers for the week.