Local stock market records second weekly loss, sheds 0.2 per cent

The bears continued to dictate proceedings in the local bourse as the market suffered its second consecutive weekly loss, with the All Market Share (ASI) depreciating by 0.2 per cent.

The Nigerian Exchange Limited (NGX) recorded losses in all of last week’s trading sessions, aside from the last trading day, on Friday.

Specifically, Flour Mills of Nigeria, Guaranty Trust Bank and BUA Cement LOURMILL (-5.1 per cent), GUARANTY (-4.3 per cent), and BUACEMENT (-3.0 per cent) were the primary drivers of the market loss, as they depreciated in values by 5.1 per cent, 4.3 per cent and 3.0 per cent respectively.

Thus, the All-Share index closed the week 0.2 per cent lower at 38,256.99 basis points, just as the market capitalization depreciated by 0.18 per cent to close the week at N19.940 trillion respectively.

Consequently, the Month-to-Date (YTD) and Year-to-Date (YTD) return dipped further into negative territory, settling at -4.0 per cent and -5.0 per cent, respectively.

Similarly, all other indices followed the bearish trend as they finished lower with the exception of NSE Premium, NSE Pension, NSE Insurance and NSE Oil/Gas which appreciated by 0.96 per cent, 0.16 per cent, 1.01 per cent and 0.85 per cent respectively, while the NSE ASeM Index closed flat.

Activity levels were also weaker than the prior week, as trading volume and value declined by 1.0 per cent and 17.9 per cent respective Week-on-Week (WoW).

A total turnover of 1.037 billion shares worth N9.471 billion in 17,577 deals was traded by investors on the floor of the Exchange, in contrast to a total of 1.048 billion shares valued at N11.543 billion that exchanged hands in the preceding week in 17,233 deals.

The Financial Services Industry led the activity chart with 687.623 million shares valued at N5.659 billion traded in 9,506 deals; thus contributing 66.29 per cent and 59.75 per cent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 106.138 million shares worth N545.020 million in 1,146 deals. The third place was ICT Industry, with a turnover of 84.310 million shares worth N350.698 million in 604 deals.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

Fake Website Asking N-Power Candidates To Verify If They Have Been Shortlisted For N30,700 Grant

CLAIM: A viral post on WhatsApp is asking N-Power candidates to verify if they have been shortlisted to receive ₦30,700 Batch C grant

VERDICT: FALSE. Registration can make you lose your WhatsApp account to scammers.Local stock market records second weekly loss, sheds 0.2 per cent

Local stock market records second weekly loss, sheds 0.2 per cent