Equities market shaves 1.31% on depressed momentum

THE equities market assumed a downward trend as major measurement indicators- Nigerian Stock Exchange(NSE) All Share Index and Market Capitalisation dipped by 1.31 per cent to close the week at 27,269.71 basis points and N9.38 trillion, respectively.
Similarly, nine other Indices finished lower during the week, with the exception of the NSE Oil and Gas Index that rose by 0.09 per cent, while the NSE Alternative Securities Market (ASeM) Index closed flat, according to the Nigerian Stock Exchange (NSE) weekly stock market report.
The index was weighed down by heavy losses in the Banking and Industrial Sectors of the NSE during last few trading sessions of the week, hinging on dampened investors’ appetite.
More so, recent activities in the money market where the naira dropped by as much as 1.22 per cent in the parallel (black) market on limited dollar sales to Bureau de change operators to N246 compared to the inter-bank rate of N197 may not be unconnected to the dampened momentum.
At the close of the week’s trading on the Nigerian equities market, a turnover of 1.17 billion shares worth N13.85 billion in 13,870 deals were traded this week by investors on the floor of local bourse compared to a total of 1.22 billion shares valued at N14.69 billion that exchanged hands last week in 13,495 deals.

The NSE reported that the Financial Services Industry (measured by volume) led the activity chart with 827.653 million shares valued at N5.108 billion traded in 8,266 deals; thus contributing 70.49 percent and 36.89 percent to the total equity turnover volume and value respectively.
According to the stock market report, the Natural Resources Industry followed with 147.05 million shares worth N73.74 million in 18 deals. While the third position was occupied by the Consumer Goods Industry with a turnover of 88.35 million shares worth N4.43 billion in 2,518 deals.
The report further affirmed that trading in the shares of top three equities which include Multiverse Plc, insurer, Guinea Insurance Plc and Nigeria top tier lender, Zenith International Bank Plc. (measured by volume) accounted for 397.44 million shares worth N1.87 billion in 1,785 deals, contributing 33.85 per cent and 13.50 per cent to the total equity turnover volume and value respectively.