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Profit taking in mid to large cap as stocks seen drive index lower by 2.57%

by David Oladele

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Nigerian Stock Exchange (NSE)

Contrary to the significant buying activities witnessed on the floor of NSE in the previous week, Nigeria’s stock market closed a bit low by 2.57%, thereby reversing the gain.

Gainers

A total of 4.509 billion shares valued at N58.733 billion exchanged hands in the previous week in 47,140 deals which negate a total turnover of 11.400 billion shares worth N35.892 billion in 39,265 deals were traded last week

According to its index report, NSE All-Share Index and Market Capitalization depreciated by 2.57% to close the week at 34,136.82 and N17.838 trillion respectively.

A total turnover of 11.400 billion shares worth N35.892 billion in 39,265 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 4.509 billion shares valued at N58.733 billion that exchanged hands last week in 47,140 deals.

The Construction/Real Estate industry (measured by volume) led the activity chart with 8.529 billion shares valued at N6.055 billion traded in 438 deals; thus contributing 74.82% and 16.87% to the total equity turnover volume and value respectively.

The Financial Services Industry followed with 1.991 billion shares worth N19.933 billion in 21,725 deals. The third place was the Conglomerates Industry, with a turnover of 423.702 million shares worth N526.698 million in 1,962 deals.

Losers

Trading in the top three equities namely UAC- Property Development Company Plc, Transnational Corporation of Nigeria Plc and Jaiz Bank Plc (measured by volume) accounted for 9.259 billion shares worth N6.639 billion in 1,958 deals, contributing 81.22% and 18.50% to the total equity turnover volume and value respectively.

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