- Stock Market Extends Losing Streak to Five Days
The nation’s stock market declined for the fifth straight day on Monday as 19 companies recorded price losses at the end of trading.
The All-Share Index of the Nigerian Stock Exchange fell to 34,837.50 basis points from 34,848.45bps on Friday while the market capitalisation of listed equities dipped to N12.718tn from N12.722tn.
The market capitalisation rose from N12.891tn on August 27 to N12.966tn on August 28, but has been declining since then.
Jaiz Bank Plc led the losers’ table at end of trading on Monday, followed by Flour Mills of Nigeria Plc, Transnational Corporation of Nigeria Plc, Prestige Assurance Plc and Veritas Kapital Assurance Plc.
Eighteen stocks appreciated on Monday, with Consolidated Hallmark Insurance Plc leading the pack.
Last week, the NSE ASI and market capitalisation depreciated by 1.63 per cent to close at 34,848.45bps and N12.722tn respectively.
Similarly, all other indices finished lower with the exception of the NSE Consumer Goods and NSE Oil and Gas indices that rose by 0.34 per cent and 0.97 per cent respectively, while NSE ASeM Index closed flat.
A total turnover of 1.533 billion shares worth N23.026bn in 17,009 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 968.947 million shares valued at N10.246bn that exchanged hands in 9,654 deals the previous week.
The financial services industry (measured by volume) led the activity chart with 1.218 billion shares valued at N12.634bn traded in 10,132 deals, thus contributing 79.42 per cent and 54.87 per cent to the total equity turnover volume and value respectively.
The conglomerates industry followed with 70.807 million shares worth N120.611m in 803 deals, while the third place was occupied by consumer goods industry with a turnover of 58.505 million shares worth N3.422bn in 2,624 deals.
Trading in the top three equities, namely Nem Insurance Plc, Diamond Bank Plc and United Bank for Africa Plc (measured by volume), accounted for 512.615 million shares worth N1.928bn in 1,818 deals, contributing 33.44 per cent and 8.38 per cent to the total equity turnover volume and value, respectively.
