Nigerian stocks fall further despite exit from recession

Nigerian stocks have suffered their third consecutive weekly loss in February as the benchmark index fell by 0.63 percent at the end of trading this week.

The Nigerian Stock Exchange All-Share Index declined slightly by 0.06 per cent on Friday, a day after official figures showed that the country emerged from recession in the fourth quarter of last year.

The ASI closed at 40,186.70 basis points on Friday, down from 40,439.85 a week ago.

The market capitalisation dropped by 0.61 percent to close at N21.03 trillion from N21.16 trillion last week.

All other indices finished lower with the exception of NSE Banking, NSE AFR Div Yield, NSE MERI Value, NSE Oil/Gas and NSE Growth Indices which rose by 0.54 percent, 1.20 percent, 0.27 percent, 4.60 percent and 5.43 percent while the NSE ASeM and NSE Sovereign Bond Indices closed flat.

A total turnover of 1.54 billion shares worth N18.24 billion in 22,752 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 2.68 billion shares valued at N23.66 billion that exchanged hands last week in 27,844 deals.

The financial services industry (measured by volume) led the activity chart with 1.09 billion shares valued at N11.11 billion traded in 12,544 deals, thus contributing 71.35 percent and 60.92 percent to the total equity turnover volume and value respectively.

It was followed by the consumer goods industry with 133.16 million shares worth N2.33 billion in 3,941 deals, while the conglomerates industry came third, with a turnover of 121.14 million shares worth N263.22 million in 839 deals.

Trading in the top three equities, namely First Bank Holding Plc, Guaranty Trust Bank Plc and Zenith Bank Plc (measured by volume), accounted for 553.51 million shares worth N8.93 billion in 5,132 deals, contributing 35.92 percent and 48.98 percent to the total equity turnover volume and value respectively.

Thirty-nine equities appreciated in price during the week, compared with 16 equities in the previous week; 33 equities depreciated in price, down from 55 in the previous week; 90 equities remained unchanged, compared with 91 in the previous week.

A total of 1.054 million units of Exchange Traded Products valued at N7.90 billion were traded this week in 49 deals, compared with a total of 1.39 million units valued at N5.16 billion transacted last week in 36 deals.

A total of 8,613 units of bonds valued at N12.57 million were traded this week in two deals, compared with a total of 46,721 units valued at N60.05 million transacted last week in 19 deals.

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