The Nigerian stock market during the weekend revealed an average decline of 2.56% which is equivalent to a net capital decline of N516 billion.
However, the global stock indices showed a positive trend with satisfying rallies in leading advanced and emerging markets. United States’ Dow Jones Industrial Average (DJIA) rose by 2.7%. United Kingdom’s FTSE 100 appreciated by 1.5%. Japan’s Nikkei 225 Index inched up by 0.4% while China’s tracking index grew by 2.3%.
Meanwhile, the All Share Index (ASI)- the value-based common index that tracks share prices at the Nigerian Exchange (NG) Limited declined by 2.56%t from its week’s opening index of 38,648.91 points to close weekend at 37,658.26 points. The average year-to-date return worsened to -6.49%.
The total market value of all quoted equities also declined from its opening value of N20.143 trillion to close weekend at N19.627 trillion, representing a loss of N516 billion within the five-day trading session.
The decline was largely driven by losses suffered by large-cap industrial goods and telecommunications companies, with the NGX Industrial Goods Index dropping by 3.33%.
Total turnover stood at 1.006 billion shares worth N10.330 billion in 17,165 deals during the week as against a total of 981.147 million shares valued at N10.384 billion traded in 15,001 deals two weeks ago.
The financial services industry led the activity chart with 646.404 million shares valued at N5.199 billion traded in 8,996 deals; thus contributing 64.26% and 50.33% to the total equity turnover volume and value respectively. The consumer goods industry followed with 108.587 million shares worth N2.257 billion in 3,213 deals while the third place was conglomerates industry, with a turnover of 80.257 million shares worth N179.134 million in 614 deals.
The three most active stocks were Zenith Bank Plc, Transcorp Hotels Plc and Access Bank Plc, which altogether accounted for 207.341 million shares worth N2.510 billion in 2,774 deals, contributing 20.61% and 24.30% to the total equity turnover volume and value respectively.