By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian stocks on Friday ended the week on red as all-share index and market capitalisation dipped 3.68 percent and 3.09 percent to close at 29,034.89 and N9.671 trillion respectively.
In the same vein, all the indices at the Nigerian bourse closed on a negative note to end the week with exception of the NSE Oil & Gas index that inched up by 1.59 percent, while NSE ASeM Index closed flat, according to the Nigerian Stock Exchange (NSE) weekly report.
In the review week, the Nigerian equities market recorded a turnover of 1.663 billion shares worth N16.585 billion in 23,591 deals traded by investors compared to a total of 2.013 billion shares valued at N23.377 billion that exchanged hands last week in 20,902 deals.
According to the NSE, the Financial Services Industry (measured by volume) led the activity chart with 1.373 billion shares valued at N9.219 billion traded in 13,354 deals; thus contributing 82.53 percent and 55.59 percent to the total equity turnover volume and value respectively.
It affirmed the Conglomerates Industry followed with a turnover of 97.829 million shares worth N548.892 million in 1,557 deals. In the third position was the Consumer Goods Industry with 57.872 million shares worth N3.979 billion in 3,872 deals.
The NSE reported that trading in shares of three top equities for the week; Access Bank Plc, Zenith International Bank Plc, and Mutual Benefits Assurance Plc (measured by volume) accounted for 561.416 million shares worth N4.147 billion in 3,370 deals, contributing 33.75 percent and 25.00 percent to the total equity turnover volume and value respectively.
A summary of price changes in the review period shows that 15 equities appreciated in price during the week higher than 14 of the past week. 53 equities went down in price lower than 55 of the previous week, while 127 equities remained unchanged same as recorded in the past week.
This is coming on the heels of declining oil prices which have dropped by nearly 60 percent since June as production around the world has increase, surpassing demand amidst unstable global economic growth.
