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BUSINESS & ECONOMYCapital MarketCOVER

NSE Investors Scurry for Oil, Financial Stocks as Equities Lose N114billion

A heavy decline rocked the entire sphere  of the Nigerian Stock Exchange, leaving on the financial services and oil and gas stocks unscathed.

were the few exceptions to the widespread decline that pervaded the Nigerian stock market last week as investors weighed the third-quarter earnings of quoted companies.

The benchmark index for the Nigerian stock market, the All Share Index (ASI), indicated a week-on-week negative return of -1.10 per cent, equivalent to a loss of N114 billion.

The ASI-a value-based common index that tracks prices of all quoted equities at the Nigerian Stock Exchange (NSE), closed below its psychological base of 30,000 points at 29,834.21 points compared with its week’s opening index of 30,165.22 points.

Aggregate market value of all quoted equities also dropped from its week’s opening value of N10.367 trillion to close at N10.253 trillion, representing a loss of N114 billion or 1.10 per cent.

With 39 decliners to 29 advancers, the negative market position was driven by widespread losses as well as losses recorded by highly capitalized stocks.

A total of 122 equities closed flat, highlighting the lack of activities in several stocks, most of which have stagnated at nominal prices for more than 12 months.

Turnover fell below recent weekly average as investors maintained a tight trading position. Total turnover stood at 949.68 million shares worth N10.28 billion in 14,833 deals last week as against a total of 1.39 billion shares valued at N12.17 billion traded in 14,821 deals two weeks ago.

Financial services sector remained the most active with a turnover of 577.298 million shares valued at N4.87 billion in 8,006 deals, representing 60.79 per cent and 47.41 per cent of the total equity turnover volume and value respectively.

 

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