Investors on the Nigerian Stock Market lost N67 billion as trading activities in the equity segment lingered in the Red Zone last week.
The bourse slid by 0.83 per cent week on week amid rising volume. The market breath closed in favor of the bears as more equities closed in red in all but the second and last trading sessions of the week.
Transaction level by volume and value both improved by 272 per cent and 22 per cent respectively in contrast to last week’s closing levels.
In the week under review, a total of 4.47 billion shares valued at N11.74 billion were exchanged in 13,755 number of deals compared to 1.20 billion shares valued at N9.64 billion exchanged in 13,337 deals recorded in the previous trading week.
Many analysts believed that the recent equities performance is reflective of the varied impact of the weak domestic macro backdrop on domestic asset classes.
During the week investors traded cautiously as macro risk events remain on the horizon.
Analysts at United Capital Plc expect equities to continue to oscillate between gains and losses in line with recent patterns. They said, the pull from attractive dividends should drive some pockets of demand ahead of the earnings season.
Day by day trading shows that equities commence the week in red as market capitalization decreased by N4 billion to N8.399 trillion.
