Banking sector spearheads decline in Nigerian equity market this week

The Nigerian equity market ended this week bearish as the banking sector led all other indices to dip except AFR Div Yield and Consumer Goods.

The All-Share Index declined 1.00 per cent to close the week at 25,016.30, Market Capitalization shed 0.90 per cent to close the week at N13.050 trillion.

NEIMETH (56.64 per cent), SKYWAY (50.83 per cent) and JAPAUL OIL (50.00 per cent) were the best advancers this week, while AFROMEDIA (-23.08 per cent), JULIUS BERGER (-22.73 per cent) and UACN (-13.89 per cent) led the losers’ chart.

Meanwhile, Investors exchanged 1.469 billion shares worth N23.553 billion in 22,911 deals with FBN Holdings, GTBank and Zenith Bank were the most active in volume terms, accounting for 456.576 million shares worth N6.940 billion in 5,921 deals, contributing 31.08% and 29.47% to the total equity turnover volume and value respectively.

The Financial Services sector topped the activity chart in terms of volume with 861.775 million shares valued at N8.545 billion traded in 11,647 deals.

The of equities which appreciated this week were lower, with 26 stocks gaining compared to 34 which rose last week, while 39 dipped this week instead of 21 equities the previous week.