Nigerian stocks ceded more ground to fixed income security week as better return on investment from treasury bills and bonds heaped pressure on the equity market’s capital.
Sell pressure on big and medium-cap equities weighed most on the generally gloomy market that saw a plunge a N246.006 billion, raising doubts about the possibility of it making a bounceback in the days ahead after a prolonged period in the red.
All the key market performance indicators declined. The all-share index and market capitalisation dropped concurrently by 1.18 per cent. The former closed at 39,331.61 points and the latter at N20.578 trillion.
Trade volume of 2.092 billion shares estimated at N29.744 billion was recorded in 24,238 deals relative to the 1.930 billion shares valued at N20.656 billion posted in 24,687 deals last week.
The financial services sector led the activity chart, with 1.633 billion shares worth N10.727 billion traded in 13,269 deals. It added 78.06 per cent and 36.06 per cent to the total equity volume and value respectively.