Despite the fact that the stock market closed on a positive note twice the previous week, the market has suffered its sixth consecutive weekly loss.
Techeconomy.ng understands that the market’s gains were not enough to push the indices hence, causing the development.
The NSE All-Share Index and Market Capitalization depreciated by 1.74% to close the week at 38,648.48 and N20.221 trillion respectively.
Similarly, all other indices finished lower with the exception of NSE Mainboard, NSE Insurance, NSE ASeM, NSE MERI Growth, NSE Consumer Goods and NSE Oil/Gas Indices, which rose by 0.37%, 2.84%, 0.12%, 0.24%, 2.18 and 0.59% while the NSE Sovereign Bond Index closed flat. (See summary of index movements.
A total turnover of 1.675 billion shares worth N23.541 billion in 21,732 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 2.092 billion shares valued at N29.744 billion that exchanged hands last week in 24,238 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.200 billion shares valued at N10.272 billion traded in 12,518 deals; thus contributing 71.64% and 43.64% to the total equity turnover volume and value respectively.
The Consumer Goods Industry followed with 110.564 million shares worth N3.577 billion in 3,234 deals. The third place was Industrial Goods Industry, with a turnover of 99.761 million shares worth N5.322 billion in 1,309 deals.
Trading in the top three equities namely United Bank for Africa Plc, FBN Holdings Plc and Zenith Bank Plc (measured by volume) accounted for 524.548 million shares worth N5.957 billion in 5,346 deals, contributing 31.32% and 25.30% to the total equity turnover volume and value respectively.
Last week, Techeconomy.ng reported that Nigerian Stock Exchange (NSE) had received final approvals of its demutualisation plan from the Securities and Exchange Commission (SEC) and Corporate Affairs Commission (CAC) respectively.
With these approvals, The Exchange has now completed its demutualisation process. Under the demutualisation plan, a new non-operating holding company, the Nigerian Exchange Group Plc (‘NGX Group’) has been created.