The fortune of equity investors in Nigeria tumbled last week after the nation’s domestic bourse reversed previous gains to close the week in the red.
Specifically, the aggregate value of listed equities at the Nigerian Exchange Limited (NGX) plunged by N761 billion to close lower at N55.562 trillion, representing 1.35% decline.
The net loss also amounted to 1.36% fall in the NGX All-Share Index (ASI), losing 1,353.59 points to close at 98,233.79 basis points from 99,587.25 bps it opened the week.
Even as the market saw increased turnover during the week, trading pattern indicated aggressive profit-taking by investors on the floor of the exchange.
The negative performance was fallout of negative price movements triggered by sell pressure in the shares of leading equities such as Airtel Africa (-10.3%), First Bank of Nigeria Holdings (F-7.4%) and Transcorp Holdings (-10.6%).
The bears overpowered the bulls despite buying interests in the shares of MTN Nigeria with +2.3% rise, GTCO with +8.8% gain and TRANSCOHOT which advanced in price by +5.6%.
Market turnover was positive as traded volume and value ballooned by 12.67% and 55.21% respectively.
Specifically, investors traded a turnover of 2.187 billion shares worth N50.667 billion in 45,277, in contrast to a total of 1.941 billion shares valued at N32.644 billion that exchanged hands the previous week in 35,807 deals.
Measured by volume, the Financial Services Industry led the activity chart with 1.428 billion shares valued at N28.850 billion traded in 24,418 deals; thus contributing 65.29% and 56.94% to the total equity turnover volume and value respectively.
The Consumer Goods Industry followed with 385.661 million shares worth N9.919 billion in 5,826 deals. while the third place was the Conglomerates Industry, with a turnover of 133.697 million shares worth N1.715 billion in 3,271 deals.
Trading in the top three equities namely United Bank for Africa Plc, Nigerian Breweries Plc and Access Holdings Plc (measured by volume) accounted for 1.020 billion shares worth N23.631 billion in 9,587 deals, contributing 46.63% and 46.64% to the total equity turnover volume and value respectively.
