Nigerian stocks pare gains after nine-day rout ends

The Nigerian stock market pared some of it recent gains this week as more firms saw their share prices decline.

Markets Reporters had reported last week that the market ended a nine-day gaining streak on May 8.

The All-Share Index of the Nigerian Stock Exchange and the market capitalisation dropped by 0.72 percent to close this week at 23,871.33 basis points and N12.441 trillion respectively.

All other indices finished lower, with the exception of NSE Main Board, NSE CG, NSE Pension, NSE ASeM, NSE AFR Bank Value, NSE Meri Growth, NSE Consumer Goods and NSE Oil/Gas, which rose by 1.29 percent, 1.52 percent, 0.74 percent, 0.36 percent, 1.65 percent, 4.76 percent, 2.25 percent and 1.56 percent respectively.

Thirty-two 32 equities appreciated in price during the week, lower than 39 in the previous week; 28 equities depreciated in price, higher than 22 in the previous week, while 103 remained unchanged, higher than 102 in the preceding week.

A total turnover of 926.418 million shares worth N9.768 billion in 20,910 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 1.662 billion shares valued at N18.205 billion that exchanged hands last week in 28,791 deals.

The financial services industry (measured by volume) led the activity chart with 676.072 million shares valued at N5.053 billion traded in 10,753 deals, thus contributing 72.98 percent and 51.73 percent to the total equity turnover volume and value respectively.

The conglomerates industry followed with 71.117 million shares worth N399.502 million in 445 deals, while the consumer goods industry came third, with a turnover of 48.835 million shares worth N1.569 billion in 3,497 deals.

Trading in the top three equities, namely FBN Holdings Plc, Guaranty Trust Bank and Zenith Bank Plc (measured by volume) accounted for 335.075 million shares worth N4.061 billion in 4,885 deals, contributing 36.17 percent and 41.58 percent to the total equity turnover volume and value respectively.

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