Local Stock Market Falls By 1.09%

The Nigerian Exchange (NGX) Limited Market Capitalisation decreased by 1.09% last week despite an increase in trading volume.

The financial services stocks led the activity chart with 398.3 million shares valued at N2.2 billion traded in 8,247 deals. Thus, it contributed 66.51 per cent to the total equities turnover.

The conglomerate industry followed with 37.5 million shares worth N49.5 million in 393 deals while the ICT industry ranked third with a turnover of 30.7 million shares worth N8.3 million in 1,218 deals.

Trading in the top three equities – Mutual Benefit, Sterling Bank and Fidelity Bank Plc (measured by volume) – accounted for 181.3 million shares worth N248.9 billion in 854 deals, contributing 30.3 per cent to the total equity turnover.

A total turnover of 598.8 million shares worth N14.2 billion was recorded in 15,859 deals by investors on the floor of the Exchange, lower than a total of 938.02 million units valued at N16.701 billion that changed hands in 15,700 deals in the preceding week.

1,963 units of bonds valued at N1.736 million were traded in six deals compared to a total of 14,672 units valued at N14.269 million transacted in eight deals during the preceding week.

The all-share index and market capitalisation depreciated by 1.09 per cent to close the week at 43,912.64 points and N23.918 trillion respectively.

Similarly, all other indices finished lower with the exception of NGX-Main Board, NGX Banking, NGX MERI Value and NGX Industrial indices which appreciated by 0.83 per cent, 0.07 per cent, 1.21 per cent and 0.34 per cent respectively, while the NGX ASeM and NGX Growth indices closed flat.

Particularly, sell off in DANGCEM (-10 per cent) in the last trading session, and losses in Airtel Afr (-2.8 per cent) and GTCO (-3.2 per cent) drove the weekly loss.