By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian stocks on Friday ended the week on a bloody note as all-share index (ASI) and market capitalisation dipped 2.34 percent week-on-week (w/w) to close at 30,705.62 basis points and N10.524 trillion respectively.
Cordros weekly market update says following the impressive rally last week, the bears returned to the market as profit-taking in the Financial Services and Consumer Goods sectors – same sectors responsible for last week’s rally – led to the ninth w/w decline in eleven weeks.
“The decline took the Year-to-Date return to -11.40 percent, while the Month-to-Date gain was pared to 1.74 percent,” the report affirmed.
According to the Nigerian Stock Exchange (NSE) weekly report, a turnover of 1.357 billion shares worth N12.475 billion in 17,867 deals were traded this week by investors on the floor of Nigerian bourse compared to a total of 2.382 billion shares valued at N18.989 billion that exchanged hands last week in 19,769 deals.
It reported that the Financial Services Industry (measured by volume) led the activity chart with 1.144 billion shares valued at N7.357 billion traded in 10,830 deals; thus contributing 84.34 percent and 58.98 percent to the total equity turnover volume and value respectively.
“The Conglomerates Industry followed with a turnover of 53.776 million shares worth N218.675 million in 873 deals. The third place was occupied by the Consumer Goods Industry with 42.577 million shares worth N2.394 billion in 2,586 deals,” NSE reported.
Trading in the shares of insurer, Standard Alliance Insurance Plc, lenders Access Bank Plc., and Zenith International Bank Plc (measured by volume) accounted for 566.664 million shares worth N3.393 billion in 2,767 deals, contributing 41.77 percent and 27.20 percent to the total equity turnover volume and value respectively.
At the close of the week’s trading on the Nigerian equities market, a summary of price changes shows that 16 equities gained in price during the week, lower than 37 posted the previous week.
On the contrary, 58 equities lost in price, higher than 29 reported last week, while 116 equities remained unchanged, lower than 124 recorded in the preceding week.
