Nigerian Stock Market Loses 2 Trillion Naira
Market capitalisation fell by N2.0 trillion this week. The All-Share Index dropped 1.60 per cent. Trading volume declined despite higher deal counts.
The Nigerian Exchange Limited (NGX) lost N2.0 trillion in market capitalisation this week. The value dropped to N157.59 trillion from N159.559 trillion at the previous close. This decline marks a sharp reversal in recent bullish momentum.
The NGX All-Share Index fell by 3,939.70 points to 243,052.74. The weekly loss represents a 1.60 per cent drop. Investors traded 3.647 billion shares worth N130.15 billion during the period.
Trading Volume Decreased
Equity turnover volume declined by 713 million shares week-on-week. Turnover value fell by N80.18 billion compared to the previous session. The previous week saw 4.360 billion shares exchanged for N210.33 billion.
Despite lower volume, the number of deals increased by 21,493. Total transactions reached 244,777 deals. This indicates higher frequency of smaller trades rather than large block sales.
Financial Services Dominated Activity
The Financial Services Industry accounted for 79.76 per cent of total equity turnover volume. The sector traded 2.909 billion shares valued at N56.668 billion. It contributed 43.54 per cent of the total turnover value.
Services and Consumer Goods sectors ranked second and third respectively. Services traded 153.122 million shares worth N2.331 billion. Consumer Goods moved 116.656 million shares valued at N11.035 billion.
Market Breadth Turned Negative
Only nine equities recorded price gains this week. This is down from 56 gainers in the previous session. Meanwhile, 80 equities declined, more than double the 35 losers seen previously.
According to GN auto markets/indices, five indices finished higher. The NGX Oil & Gas Index led with a 2.83 per cent gain. The NGX Commodity Index rose by 2.19 per cent. The remaining indices finished lower.
