Nigerian stocks fall further, market value sheds N240bn
The Nigerian stock market extended its decline last week as the market capitalisation declined by N240 billion.
The Nigerian Stock Exchange All-Share Index and the market capitalisation dropped by 1.18 percent to close the week at 39,331.61 and N20.58 trillion respectively.
All other indices finished lower with the exception of NSE Industrial Goods and NSE Sovereign Bond Indices which rose by 1.39 percent and 0.07 percent while the NSE ASeM Index closed flat.
A total turnover of 2.09 billion shares worth N29.74 billion in 24,238 deals were traded last week by investors on the floor of the Exchange, up from 1.93 billion shares valued at N20.656 billion that exchanged hands in 24,687 deals in the previous week.
The financial services industry (measured by volume) led the activity chart with 1.63 billion shares valued at N10.73 billion traded in 13,269 deals, thus contributing 78.06 percent and 36.06 percent to the total equity turnover volume and value respectively.
The consumer goods industry followed with 92.01 million shares worth N4.52 billion in 4,168 deals, while the oil and gas industry came third, with a turnover of 91.34 million shares worth N10.53 billion in 1,471 deals.
Trading in the top three equities, namely Wema Bank Plc, Axamansard Insurance Plc and Zenith Bank Plc (measured by volume), accounted for 903.561 million shares worth N5.56 billion in 4,017 deals, contributing 43.19 percent and 18.71 percent to the total equity turnover volume and value respectively.
