Stock market value drops by 178 billion naira in one week

The Nigerian stock market lost 178 billion naira last week.

The All-Share Index and market capitalization declined by 0.04 percent to close the week at N100,022.03 and N56.581 trillion respectively.

The price increase of 37 stocks during the week was less than that of 48 stocks in the previous week.

Additionally, 72 stocks remained unchanged from the previous week, while 45 stocks saw a price decline compared to 34 stocks in the previous week.

Last week, investors traded a total of 2.259 billion shares valued at 31.166 billion naira in 42,851 deals. The previous week, investors traded 2.651 billion shares valued at 49.976 billion naira in 41,610 deals.

With 1.801 billion shares valued at 22.030 billion Naira traded in 23,112 transactions, the financial services industry topped the activity chart by volume.

These sectors accounted for 70.69 percent of the total inventory turnover value and 79.75 percent of the total inventory turnover volume.

Out of 3,124 transactions, the oil and gas industry came second with 121.001 million shares valued at N1.771 billion.

The conglomerates sector ranked third with 2,277 transactions totalling 90.713 million shares valued at N1.081 billion.

In addition, 909.821 million shares valued at N12.057 billion Naira were traded in 4,798 deals involving the three largest securities (measured by volume): Fidelity Bank Plc, Universal Insurance Plc and Guaranty Trust Holding Company Plc.

These transactions accounted for 40.28 percent and 38.69 percent of total equity turnover, respectively.

Trading in the top three stocks including Fidelity Bank Plc, Universal Insurance Plc and Guaranty Trust Holding Company Plc (measured by volume) accounted for 909.821 million shares valued at N12.057 billion in 4,798 transactions, contributing 40.28 percent and 38.69 percent respectively to the total equity turnover volume and value.

All other indices closed higher, except for NGX 30, NGX Premium, NGX meristem Value, NGX Consumer Goods, NGX Lotus II and NGX Pension Broad, which declined 0.27 percent, 0.52 percent, 0.01 percent, 0.69 percent, 0.56 percent and 0.07 percent respectively, while NGX Alternative Securities Market and NGX Sovereign Bond indices closed unchanged.

Last week, Punch Online reported that investors gained 475 billion naira in the Nigerian stock market, led by Computer Warehouse Group, FTN Cocoa Processors and United Capital Plc.