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Negative Price Movement in 51 Stocks Costs Investors N767bn

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Local Bourse remains Negative as Market Cap Settles at N26.753 trillion   

Negative movement in share prices has scrapped off a sum of N767 billion from investors aggregates money at the end of trading on the floor of the Nigerian Exchange Limited (NGX) last week.

The market opened for four trading days last week as the Federal Government declared Monday as a public holiday to commemorate the 2022 Democracy Day celebration.

The NGX All-Share Index and market capitalisation of equities listed on the NGX depreciated by 2.68 per cent to close the week at 51,778.08 and N27.914 trillion respectively.

Similarly, all other indices finished lower with the exception of the NGX Growth index which appreciated at 2.79 per cent, while, the NGX Asem index closed flat.

According to the NGX, 13 equities appreciated in price during the week, lower than 29 equities in the previous week.

Fifty-one equities depreciated in price higher than 36 equities in the previous week, while 92 equities remained unchanged higher than 91 equities recorded in the previous week.

The NGX weekly market report showed that a total turnover of 940.892 million shares worth N11.494 billion in 20,077 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 1.831 billion shares valued at N19.494 billion that exchanged hands in the previous week in 21,723 deals.

The Financial Services Industry (measured by volume) led the activity chart with 692.325 million shares valued at N6.220 billion traded in 10,615 deals, contributing 73.58 per cent and 54.12 per cent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 89.872 million shares worth N246.063 million in 764 deals. The third place was the Consumer Goods Industry, with a turnover of 54.227 million shares worth N1.232 billion in 2,923 deals.

Trading in the top three equities, namely, United Bank for Africa Plc, Sterling Bank Plc and Transnational Corporation Plc (measured by volume) accounted for 304.837 million shares worth N1.285 billion in 2,103 deals, contributing 32.39 per cent and 11.18 per cent to the total equity turnover volume and value respectively.

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