The Nigerian stock market traded negative on Thursday to close the week on a bearish note.
The All-Share Index contracted by 0.33 per cent to close at 38,916.74 points following sell-offs on banking stocks.
The market capitalisation also fell by 0.33 per cent to N20.36tn, while investors lost N67.18bn.
At the close of Thursday’s trading, the year-to-date loss of the ASI worsened to -3.36 per cent.
Of the stocks traded, 27 gained while 12 lost.
Analysts at Cowry Asset Management attributed this to the influx of corporates’ financial results for the full year 2020, which were largely positive.
Profit taking on bellwether stocks in the banking sector, however, dragged the market down.
The share prices of Lafarge Africa, Guaranty Trust Bank, Zenith Bank and Stanbic IBTC Holdings declined by 2.04 per cent, 0.66 per cent, 2.00 per cent and 0.59 per cent respectively.
Of the five indices tracked, three closed in green – the insurance, consumer goods and oil and gas indices rose by 0.19 per cent 1.28 per cent and 0.23 per cent respectively.
The banking and industrial indices fell by 3.62 per cent and 0.10 per cent respectively.
Trading activity was weak. While total volume and value of stocks traded fell, deal rose by 11.53 per cent.
At the close of the day’s trading, total volume of trade dropped by 31.04 per cent to 239.42 million units valued at N2.32bn in 4,450 deals.
Meanwhile, the market opened for four trading days as the Federal Government of Nigeria declared Friday, April 2, 2021 and Monday, April 5, 2021 public holidays to commemorate the 2021 Good Friday and Easter celebrations.
A total turnover of 1.445 billion shares worth N19.034bn in 17,400 deals were traded in the week by investors on the floor of the Nigerian Stock Exchange, against the 1.530 billion shares valued at N21.31bn that exchanged hands last week in 20,016 deals.
The financial services industry, measured by volume, led the activity chart with 1.033 billion shares valued at N13.37bn in 9,179 deals, contributing 71.51 per cent and 70.22 per cent to the total stocks turnover volume and value respectively.
The conglomerates industry followed with 131.153 million shares worth N578.39m in 811 deals.
In the third place was consumer goods industry with a turnover of 92.937 million shares worth N1.75bn in 2,892 deals.
Trading in the top three equities namely GTB, Union Bank and Wema Bank, measured by volume, accounted for 670.354 million shares worth N10.33bn in 1,990 deals, contributing 46.39 per cent and 54.26 per cent to the total stock turnover volume and value respectively.
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