Nigerian equity market closes week bearish despite Friday’s 0.29% gain

The 0.29 per cent appreciated the Nigerian equity market achieved on Friday could not stop it from closing this week on a bearish note, declining 0.65 per cent, caused largely by losses recorded by consumer goods sector.

The All-Share Index (ASI) shed -195.41 points, representing 0.65 per cent dip to close the week at 29,851.29, while market capitalization contrasted by 0.59 per cent to close at N13.155 trillion.

Despite 2.53 per cent and 0.84 per cent appreciated achieved by the banking sector and pension sector respectively, the bourse was overwhelmed by losses posted by consumer goods Index, premium index and Lotus II.

Investors exchanged a total turnover of 7.476 billion shares worth N91.107 billion in 17,192 deals this week, 912 per cent higher than 868.739 million shares valued at N15.792 billion traded last week in 12,201 deals. 

 Linkage Assurance which increased 37.5 per cent top 34 gainers during the week, higher than 19 in the previous week, while Chams shed -13.89 per cent to emerge the top loser among 32 other Thirty-three equities, higher than 31 last week.

The financial services industry propelled by Wema Bank and Zenith Bank led the activity chart with 6.121 billion shares valued at N17.460 billion traded in 8,479 deals; thus contributing 81.87 per cent and 19.16 per cent to the total equity turnover volume and value respectively.