Investors lose N395bn as Nigerian stocks extend monthly decline
Investors in the Nigerian stock market lost N395 billion in March as equities extended their declines.
The Nigerian Stock Exchange All-Share Index closed the month at 39,045.13 basis points from 39,799.89 on Feb. 26.
The market capitalisation fell to N20.43 trillion at the end of March from N2.82 trillion on Feb. 26.
The ASI and market capitalisation depreciated by 0.76 per cent to close this week at 38,916.74 and N20.36 trillion respectively.
All other indices finished lower with the exception of NSE Mainboard, NSE Pension, NSE Insurance, NSE AFR Div Yield, NSE MERI Value and NSE Consumer Goods Index which appreciated by 0.06 percent, 0.78 percent, 2.82 percent, 2.64 percent, 1.82 percent and 1.93 percent while the NSE ASeM Index closed flat.
The market opened for four trading days this week as the Federal Government of Nigeria declared Friday (Good Friday) a public holiday to commemorate the 2021 Easter celebrations.
A total turnover of 1.45 billion shares worth N19.04 billion in 17,400 deals were traded this week by investors on the floor of the Exchange, compared to a total of 1.530 billion shares valued at N21.31 billion that exchanged hands last week in 20,016 deals.
The financial services industry (measured by volume) led the activity chart with 1.03 billion shares valued at N13.37 billion traded in 9,179 deals, thus contributing 71.51 percent and 70.22 percent to the total equity turnover volume and value respectively.
The conglomerates industry followed with 131.15 million shares worth N578.39 million in 811 deals, while the consumer goods industry came third with a turnover of 92.94 million shares worth N1.75 billion in 2,892 deals.
Trading in the top three equities, namely Guaranty Trust Bank Plc, Union Bank Nig. Plc and Wema Bank Plc (measured by volume), accounted for 670.35 million shares worth N10.33 billion in 1,990 deals, contributing 46.39 percent and 54.26 percent to the total equity turnover volume and value respectively.
