Investors in the Nigerian equities market suffered a loss of approximately N1.988 trillion by the end of the trading week as the domestic bourse encountered significant selling pressure.
The local bourse witnessed a decline of 3.44%, with the benchmark index settling at 102,088.30 points. This is a decrease from its opening position of 105,722.78 points at the beginning of the trading week on Monday.
Market analysts attribute this downturn to investors capitalizing on profits following a notable bullish rally observed in recent times.
Consequently, available statistics from Nairametrics show that the All-Share Index, the broad index measuring the performance of Nigerian stocks, opened the trading week at 105,722.78 index points on Monday, February 19, 2024, and closed at 102,088.30 points at the end of the week on February 23. This represents a loss of 3,634.48 basis points or 3.44%.
Further analysis reveals that activities on the Nigerian Exchange Limited (NGX), which opened the trading week with a market capitalization of N57.849 trillion, closed the week at N55.861 trillion, resulting in a week-to-date loss of about N1.988 trillion.
Similarly, all other indices finished lower, with the exception of NGX ASem, NGX Consumer Goods, and NGX Oil and Gas, which appreciated by 11.66%, 2.01%, and 0.01%, respectively.
- A total turnover of 1.377 billion shares worth N31.584 billion in 42,040 deals was traded during the week by investors on the floor of the Exchange, in contrast to a total of 1.559 billion shares valued at N36.497 billion that exchanged hands the previous week in 42,546 deals.
- The Financial Services Industry (measured by volume) led the activity chart with 960.519 million shares valued at N16.844 billion traded in 19,669 deals; thus contributing 69.77% and 53.33% to the total equity turnover volume and value respectively.
- The Conglomerates Industry followed with 115.241 million shares worth N1.511 billion in 2,859 deals. The third place was the Oil and Gas Industry, with a turnover of 80.866 million shares worth N1.721 billion in 2,726 deals.
Trading in the top three equities namely Guaranty Trust Holding Company Plc, FBN Holdings Plc, and Transnational Corporation Plc (measured by volume) accounted for 343.584 million shares worth N9.431 billion in 5,659 deals, contributing 24.96% and 29.86% to the total equity turnover volume and value respectively.
Fourteen (14) equities appreciated during the week lower than thirty-five (35) equities in the previous week.
Sixty-six (66) equities depreciated higher than fifty-one (51) in the previous week, while seventy-four (74) equities remained unchanged, higher than sixty-eight (68) recorded in the previous week.
