A spate of bearish trading sessions caused the size of trade in Nigerian stocks to diminish by as much as 40 per cent this week, also forcing it to its most depressed point since the second week of May.
Investors have had to contend with the double-headed bugbear of share depreciation and illiquidity for months on end, and the rates decision of the monetary authorities on Friday failed to take an expansionary stance or head the way that could effectively strengthen the market as the central bank chose to hold the benchmark interest rate again.
The outlook for stocks in the near time remains gloomy with no dramatic gains anticipated.
The all-share index edged up by 0.06 per cent and the market capitalisation by 0.05 per cent this week.
Trade volume of 856.3 million shares estimated at N10.8 million was posted in 15,663 deals, relative to the 1.4 billion shares worth N13.1 billion traded in 19,315 deals the week before.
The financial services sector topped the activity table, with 583 million shares valued at N4 billion and traded in 7,894 deals.
That added 68.1 per cent and 36.9 per cent to the total equity volume and value respectively.
The consumer goods industry came next, trading 63 million shares estimated at N3.2 billion in 2,579 deals.
The ICT industry was third, trading 45.7 million shares priced at N1.6 billion in 775 deals.
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...