Investors in the Nigerian Stock market lost a staggering N155 billion in the two trading days last week following massive sell-off on the shares of Skye Bank and Diamond Bank Plc.
The Bourse had opened weak and closed in the red on Monday, July 4 as the market capitalisation of listed equities slumped by N104 billion to close at N9.961 trillion from the previous close of N10.065 trillion.
It slid further down by another N51 billion on Friday to close at N9.910 trillion, representing 1.54 per cent decline. In the same vein, the All Share Index, ASI, nose-dived by 1.54 per cent from 29,305.40 points to settle at 28,854.98 points.
The banking sector, closed as second poorest performing sector in the sectoral level with 2.62 per cent decline to settle at 1,276.36 points. This was impacted by 17.14 per cent and 12.61 per cent decrease in Skye Bank and Diamond Bank Plc respectively.
The industrial goods sector, driven by negative sentiment on Beta Glass Company Nig. Plc, led the decliners with 4.33 per cent to settle at 2,011.30 points.
The insurance sector closed lower at 136.82 points, representing 1.88 per cent decline, followed by consumer goods sector with 1.28 per cent to close at 709.59 points, while the oil and gas sector trailed behind with 1.10 per cent to settle at 322.44 basis points.The NSE 30 index fell 1.76 per cent to settle at 1,276.36 points.
Gainers and losers Nine equities appreciated in price during the week, lower than 22 equities of the previous week. 48 equities depreciated in price, lower than 52 equities of the previous week, while 123 stocks remained unchanged higher than 106 equities recorded in the preceding week.
