Equities market shreds N1.4tr in one week

The Nigerian equities market reversed gains last week as investors lost N1.4 trillion in the just-ended trading week. Of the five trading sessions, the market dropped four times as capitalisation dropped to N123.7 trillion from N125.1 trillion recorded last week. The All-Share Index (ASI) depreciated by 1.11% to close the week at 192,826.78 from the […]

The Nigerian equities market reversed gains last week as investors lost N1.4 trillion in the just-ended trading week.

Of the five trading sessions, the market dropped four times as capitalisation dropped to N123.7 trillion from N125.1 trillion recorded last week.

The All-Share Index (ASI) depreciated by 1.11% to close the week at 192,826.78 from the 194,989.77 recorded the previous week.

Market began the week on Monday on a bullish note as investors gained N804 billion at the end of the trading session.

The trend, however, was reversed on Tuesday, as investors lost N1.1 trillion. The market closed negatively on Wednesday with a N74 billion loss.

The negative trend was sustained on Thursday, as investors lost N515 billion.

And on Friday, the last trading day for February, the market ended the week on a bearish note as investors lost N475 billion.

During the week, a total turnover of 5.494 billion shares worth N196.709 billion in 370,233 deals was traded by investors on the floor of the Exchange, in contrast to a total of 7.662 billion shares valued at N252.566 billion that exchanged hands last week in 345,118 deals.

The Financial Services Industry (measured by volume) led the activity chart with 3.241 billion shares valued at N82.775 billion traded in 153,744 deals: thus contributing 58.99% and 42.08% to the total equity turnover volume and value respectively.

The Oil and Gas Industry followed with 897.862 million shares worth N38.816 billion in 29,179 deals.

In third place was the Services Industry, with a turnover of 360.490 million shares worth N5.782 billion in 22,971 deals.

Trading in the top three equities, namely Japaul Gold & Ventures Plc, Fortis Global Insurance Plc and Zenith Bank Plc (measured by volume), accounted for 1.576 billion shares worth N33.464 billion in 30,055 deals, contributing 28.68% and 17.01% to the total equity turnover volume and value respectively.

Thirty-two (32) equities appreciated in price during the week, lower than seventy- one (71) equities in the previous week. Sixty-nine (69) equities depreciated in price, higher than forty-one (41) equities in the previous week, while forty-seven (47) equities remained unchanged, higher than thirty-six (36) recorded in the previous week.

Fortis Global Insurance Plc recorded the biggest share price increase in percentage, gaining 56.67% followed by Okomu Oil Palm Plc, which increased its share price by 20.92% in the process.

Infinity Trust Mortgage Bank Plc, also increased its share price by 20.63%.

On the flip side, Associated Bus Company Plc recorded the biggest decline in share prices by percentage, shedding 25.00% followed by Daar Communications Plc, which shed 20.68% of its share prices.