Stocks record weekly loss as market cap slumps below N20trn

The Nigerian stock market recorded a loss last week as the market capitalisation of equities fell below N20tn.

The Nigerian Exchange Limited All-Share Index depreciated by 0.57 per cent to close the week at 37,994.19 basis points compared to 38,469.87 the previous week.

Tier-one banks, including Access Bank Plc, United Bank for Africa Plc and Zenith Bank Plc, recorded losses of 0.55, 0.67 and 0.20 per cent respectively.

A total turnover of 1.35 billion shares worth N12.14bn in 21,581 deals was traded during the week by investors on the floor of the NGX, in contrast to 1.02 billion shares valued at N14.15bn exchanged in 17,565 deals a week earlier.

The financial services industry led the activity chart by volume with 892.21 million shares valued at N7.07bn traded in 11,592 deals. This contributed 66.20 per cent and 58.20 per cent to the total equity turnover volume and value respectively, according to the NGX.

The ICT industry followed with 110.07 million shares worth N776.40m in 744 deals. The third place was occupied by the conglomerates industry, with a turnover of 100.01 million shares worth N216.50m in 788 deals.

The NGX-Main Board, NGX Consumer Goods and NGX Lotus II indices finished lower as they depreciated by 2.22 per cent, 0.32 per cent and 0.23 per cent respectively, while the NGX ASeM and NGX Growth Indices closed flat.

During the week, 44 equities appreciated, a slight increase compared to the previous week which saw 43 stocks emerge as gainers; 22 companies saw their share prices drop; while 90 equities remained unchained.

UPDC Plc (formerly UACN-Property Development Company Plc) led the gainers’ chart with a 40.70 per cent leap to end the week at N1.21 per share.

Cutix Plc followed with a 21 per cent jump, closing at N3.63 per share. Other top five gainers were John Holt Plc (19.67 per cent), Sovereign Trust Insurance Plc (15.38 per cent) and Consolidated Hallmark Insurance Plc (11.11 per cent).