Stock market ends week on low performance

The measuring parameters of activities at the Nigerian Stock Exchange (NSE) closed lower this week as against the upbeat witnessed at the close of last week’s transaction, as market recorded loses in five consecutive trading days.

The Exchange’s market capitalisation of the first -tier equities in the week depreciated by 2.54 per cent or N170.86 billion to close at N6.54 trillion as against an appreciation by N148.76 billion recorded last week to bring the market to a close at N6.72 trillion.

Also, the NSE All-Share Index (ASI) in the week under review moved down by 2.54 per cent to close at 20,652.47 as against an upbeat of 1.76 per cent recorded last week to close at 21,191.22.

The total volume traded during the week closed at 1.44 billion units of equities valued at N11.52 billion, compared with the 1.01 billion units valued at N13.49 billion recorded last week.

The volume transaction in the week when compared with the previous week’s data moved up by 42.80 per cent as against downwards movement of 48.83 per cent recorded last week.

Weekly value went down by 14.56 per cent as against negative position of 28.79 per cent recorded the previous week. 

Meanwhile, the volume traded in the top ten most traded stocks for the week represented 65.76 per cent of the entire market volume transactions, while their total value accounted for 56.13% of the market value.  

Commenting on market performance for the week, analysts at Proshare Nigeria Limited, an investment advisory firm, said trading activities on the nation’s bourse retracted to close negative because of “unprofitable transactions which dominated market activities in all trading days of the week due to unrelenting sell pressure.”

They added that the key benchmark indices maintained downward movement “despite an improved market breadth witnessed during the week.”

The numbers of gainers in the week closed at 25 stocks compared with the 37 appreciations recorded the previous week.

Nigerian Bags Manufacturing Company Plc topped the gainers chart for the week with 25.93 per cent appreciations.

On the flip side, a total of 39 stocks recorded price decline of different magnitude in the week under review compared with the 24 stocks declined witnessed last week.

Union Bank Plc topped the losers chart for the week with 22.13 per cent depreciation.

Financial Services sector emerged the most traded sector in the week in terms of volume. The volume traded in the sector this week alone closed at 1.12 billion units, valued at N7.03billion as against the 758.09 million units, valued at N5.08billion in the preceding week.

The volume traded in the sector accounted for 78.05 per cent of the entire market compared with 75.03 per cent of the ratio recorded last week.

Zenith Bank Plc led the market volume for the week just as it also topped traded stock on the transaction volume chart last week.

The Services sector followed with 106.03 million units valued at N105.49 million, compared with 48.39 million units valued at N57.84 million recorded in the sector last week.


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