Nigeria’s stock market closes week negative

The Nigerian stock market closed the week in a negative territory to reverse the two days’ consecutive gains recorded on Wednesday and Thursday.

At the close of the days’ trading, the All-Share Index fell by 0.20 per cent to 39,216.20 points.

The negative sentiment followed sell-offs in mid and large capitalised stocks, resulting also in a 0.20 per cent drop on the market capitalisation from N20.59tn to N20.52tn.

The year-to-date loss of the ASI rose to -2.61 per cent, while 20 stocks gained and 13 stocks lost

The bearish activity pushed investors to sell part of their holdings in stocks such as MTN Nigeria Communications, Chemical and Allied Products, Stanbic IBTC Holdings and United Bank for Africa, as their respective share prices moderated by 1.84 per cent, 4.55 per cent, 1.70 per cent and 0.73 per cent respectively.

Sectoral performance was positive, as three of the five indices tracked closed in the green zone.

The banking, consumer goods and industrial indices rose by 0.48 per cent, 0.51 per cent and 0.08 per cent respectively.

But the insurance and oil and gas indices fell by 0.39 per cent and 0.20 per cent.

Trading activity was mixed as total deals and value of stocks traded fell, total volume of stocks rose.

At the close of Friday’s trading, the total volume of trade rose by 9.37 per cent to 250.92 million units valued at N2.79bn in 3,746 deals.

A look at the index movement for the week’s trading seesions showed that the ASI and market capitalisation appreciated by 2.17 per cent to close the week at 39,216.20 and N20.52tn.

A total turnover of 1.530 billion shares worth N21.31bn in 20,016 deals were traded by investors on the floor of the Exchange, in contrast with a total of 2.342 billion shares valued at N19.27bn that exchanged hands the previous week in 20,173 deals.

The financial services industry, measured by volume, led the activity chart with 1.096 billion shares valued at N12.29bn traded in 11,106 deals; thus contributing 71.67 per cent and 57.69 per cent to the total equity turnover volume and value respectively.

The consumer goods industry followed with 177.673 million shares worth N3.58bn in 3,139 deals, and the conglomerates industry, with a turnover of 99.609 million shares worth N216.997m in 856 deals.

Trading in the top three equities namely Union Bank, Guaranty Trust Bank and Dangote Sugar Refinery, measured by volume, accounted for 687.616 million shares worth N9.496bn in 3,022 deals, contributing 44.95 per cent and 44.56 per cent to the total equity turnover volume and value respectively.