By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian stocks on Thursday extended the bearish week-on-week streak to its seventh session as all share index (ASI) dipped 2.15 percent to 31,047.99 basis points, while market capitalisation lost N208.08 billion to close at N10.63 trillion for the four (4) trading sessions this week.
Cordros weekly market update says the current bearish week was as a result of sell-offs across all sectors of the Nigerian Stock Exchange (NSE) which led to an expansion in the Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) losses to 7.20 percent and 10.41 percent respectively.
While, the NSE weekly stock market report for the review period said a turnover of 1.187 billion shares worth N20.259 billion in 14,349 deals were traded this week by investors on the floor of its bourse compared to a total of 1.264 billion shares valued at N15.770 billion that exchanged hands last week in 17,016 deals.
The report says the Financial Services Industry (measured by volume) led the activity chart with 928.850 million shares valued at N11.840 billion traded in 7,903 deals; thus contributing 78.26 percent and 58.44 percent to the total equity turnover volume and value respectively.
According to the NSE, the Conglomerates Industry followed with a turnover of 76.523 million shares worth N629.896 million in 979 deals. And the third position was the Oil and Gas Industry with 67.815 million shares worth N966.600 million in 1,652 deals.
NSE reports that trading in the shares of Nigeria’s top lenders Zenith International Bank Plc.; Access Bank Plc and conglomerate Transnational Corporation of Nigeria Plc (measured by volume) accounted for 647.735 million shares worth N9.888 billion in 2,477 deals, contributing 54.58 percent and 48.81 percent to the total equity turnover volume and value respectively.
At the close of business for the week on the Nigerian equities market, as summary of price changes shows that 13 equities gained in price during the week, lower than 19 reported the previous week.
On the contrary 57 equities plunged in price, higher than 50 recorded the preceding week, while 120 equities remained unchanged; lower than 124 recorded the past week.
