Nigerian Stock Market Sees N185 Billion Loss as Bullish Momentum Falters

Stock investors in the Nigerian stock market lost N185 billion as Nigerian Exchange Limited (NGX) pulled back last week following weeks of bullish run.

During the week, investors exchanged 3.194 billion shares worth N54.850 billion in 45,112 deals, against a total of 1.952 billion shares valued at N35.864 billion that exchanged hands in 48,553 deals in the previous week.

The Financial Services Industry (measured by volume) led the activity chart with 1.509 billion shares valued at N26.904 billion traded in 20,357 deals; thus contributing 47.25% and 49.05% to the total equity turnover volume and value respectively.

The Construction/Real Estate Industry followed with 839.945 million shares worth N4.806 billion in 1,399 deals.

Third place was the Oil and Gas Industry, with a turnover of 256.445 million shares worth N13.307 billion in 6,313 deals.

Haldane McCall Plc, FBN Holdings Plc and Japaul Gold and Ventures Plc were the three most traded equities during the week under review as the three accounted for a combined 1.587 billion shares worth N19.797 billion in 3,632 deals and contributed 49.69% and 36.09% to the total equity turnover volume and value respectively.

The NGX All-Share Index depreciated by 0.33% or 322.15 index points to close the week at 97,506.87 index points, down from 97,829.02 index points. Market capitalization lost 0.31% or N185 billion to settle at N59.107 trillion.

Similarly, all other indices finished lower with the exception of NGX Insurance, NGX AFR Div Yield, NGX Lotus II, NGX Industrial Goods and NGX Growth which appreciated by 1.23%, 0.84%, 0.99% 0.62% and 5.59% respectively while the NGX ASeM index closed flat.

Thirty-two equities appreciated in price during the week lower than fifty-two equities in the previous week. Forty-six equities depreciated in price higher than thirty-three in the previous week, while seventy-five equities remained unchanged, higher sixty-eight recorded in the previous week.