Nigerian stocks suffer N660bn loss amid profit-taking
Nigerian stocks finished lower at the end of trading in the second week of the month as investors continued to take profits following the rally seen in recent months.
The Nigerian Stock Exchange All-Share Index dropped by 3.04 percent to 40,439.85 on Friday from 41,709.09 a week ago while the market capitalisation plunged by N660 billion to close at N21.16 trillion.
All other indices finished lower with the exception of NSE Growth Index which rose by 0.42 percent while the NSE ASeM and NSE Sovereign Bond Indices closed flat.
A total turnover of 2.68 billion shares worth N23.66 billion in 27,844 deals were traded this week by investors on the floor of the Exchange, up from 2.77 billion shares valued at N29.69 billion that exchanged hands in 31,380 deals last week.
The financial services industry (measured by volume) led the activity chart with 2.03 billion shares valued at N13.42 billion traded in 14,832 deals, thus contributing 75.74 percent and 56.70 percent to the total equity turnover volume and value respectively.
The consumer goods industry followed with 181.77 million shares worth N3.60 billion in 4,676 deals. The conglomerates industry came third, with a turnover of 175.09 million shares worth N324.01 million in 1,168 deals.
Trading in the top three equities, namely Living Trust Mortgage Bank Plc, FBN Holdings Plc and Zenith Bank Plc (measured by volume), accounted for 1.21 billion shares worth N6.58 billion in 3,785 deals, contributing 45.02 percent and 27.81 percent to the total equity turnover volume and value respectively.
