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Nigeria Stock Market plunges week on week

THE Nigerian Stock Exchange (NSE) has recorded a continuous 5-day decline, plunging the All shares index (ASI) by negative 4.28 per cent, and causing investors to lose N610.64 billion.

The stock market has shown losses all week and a massive stock sell-off by investors in the Nigerian market.

The weekly report by the NSE showed that on Monday 33 stocks declined against five stocks that gained.

For Tuesday, 22 stocks declined against 8 stocks that gained.

For Wednesday, 16 stocks declined against 11 gained stocks, and on Thursday, 19 loses were recorded against 11 that gained and on Friday there was a massive 41 stocks decline against two stocks gained.

This has proven not to be an investor-friendly week since the year 2020 began.

The stock market recorded a total turnover of 1.54 billion units worth N24.26 billion in 21,646 deals traded this week by investors on the floor of the Exchange.

This is in contrast to a total of 1.49 billion units valued at N17.90 billion recorded as the exchange made in 18,515 deals, the previous week.

The Financial Services industry (measured by volume), led the activity chart with 1.26 billion units valued at N17.20 billion traded in 15,149 deals.

The report showed that the financial services industry contributed 81.91 per cent and 70.91 per cent to the total equity turnover volume and value respectively.

The Conglomerates followed with 84.99 million units worth N180.88 million in 654 deals.

A conglomerate is a large corporation that has controlling interests in several smaller companies.

The third place was the consumer goods industry, with a turnover of 65.96 million units worth N3.91 billion in 2,235 deals.

The report showed, measuring by volume, the top three equities namely; Guaranty Trust Bank Plc, United Bank for Africa Plc, and Zenith Bank Plc accounted for 800.05 million units worth N14.97 billion in 8,379 deals.

All three top stocks contributed 51.72 per cent and 61.70 per cent to the total equity turnover volume and value respectively for the week.

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