By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market continued its bearish streak for the fifth consecutive week on continuous sell-offs in the Financial Services sector and a resumption of bears in the Consumer Goods sector, according to Cordros weekly market update.
Consequently, the Nigerian Stock Exchange All Share Index (NSE ASI) and market capitalisation dipped by 0.96 percent to close at 32,538.34 basis points and N11.107 trillion respectively, resulting to 6.11 percent decline for the year.
Similarly, six (6) of the Indices finished lower during the week, while two (2) other Indices: NSE Oil/Gas and NSE Industrial Goods closed higher by 2.27 percent and 0.13 percent respectively, the NSE weekly stock market report affirmed.
According to the report, a turnover of 1.269 billion shares worth N17.570 billion in 18,933 deals were traded this week by investors on the floor of Nigerian bourse compared to a total of 1.439 billion shares valued at N26.406 billion that exchanged hands last week in 18,110 deals.
The report says the Financial Services Industry (measured by volume) led the activity chart with 981.649 million shares valued at N8.865 billion traded in 11,303 deals; thus contributing 77.36 percent and 50.46 percent to the total equity turnover volume and value respectively.
The Oil & Gas Industry followed with a turnover of 121.164 million shares worth N1.989 billion in 1,768 deals. The third place was occupied by Consumer Goods Industry with 79.966 million shares worth N5.265 billion in 2,914 deals.
Transactions in the shares of Nigeria’s top three (3) lenders Access Bank Plc, Zenith International Bank Plc and United Bank for Africa Plc, (measured by volume) accounted for 523.853 million shares worth N5.547 billion in 3,383 deals, contributing 41.28 percent and 31.57 percent to the total equity turnover volume and value respectively.
A summary of price changes in the review week shows that 33 equities appreciated in price during the week, higher than 22 recorded last week. On the contrary, 36 equities depreciated in price, lower than 54 the previous week, while 124 equities remained unchanged, higher than 117 reported in the preceding week.
