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Investors lose N598bn as large-cap stocks decline

The Nigerian stock market declined by N598bn at the end of last week as some large-cap stocks recorded price losses.

The NGX All-Share Index depreciated by 2.63 per cent to close the week at 42,167.91 basis points from 43,308.29bps while the market capitalisation of stocks fell to N22tn from N22.6tn.

All other indices finished lower, with the exception of the NGX Insurance Index, which appreciated by 2.97 per cent, while the NGX ASeM, NGX Growth and NGX Sovereign Bond Indices closed flat.

A total turnover of 1.28 billion shares worth N17.34bn in 21,052 deals was traded last week by investors on the floor of the NGX, in contrast to a total of 3.44 billion shares valued at N30.92bn that exchanged hands in 21,109 deals the previous week.

Measured by volume, the financial services industry led the activity chart with 984.543 million shares valued at N10.25bn traded in 11,029 deals.

It contributed 77.01 per cent and 59.09 per cent to the total equity turnover volume and value respectively.

The consumer goods industry followed with 78.72 million shares worth N2.33bn in 3,137 deals, while the conglomerates industry had a turnover of 48.73 million shares worth N69.84m in 647 deals.

Trading in the top three equities, namely FBN Holdings Plc, Guaranty Trust Holding Company Plc and Access Bank Plc, measured by volume, accounted for 470.73 million shares worth N6.57bn in 3,887 deals.

They contributed 36.82 per cent and 37.9 per cent to the total equity turnover volume and value respectively.

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