Business
Nigerian equity market loses 2.41% this week
The listing of Airtel Africa on the Nigerian Stock Exchange (NSE) could not prevent the bourse from shedding 2.41 per cent this week.
Losses recorded by Forte Oil, Glaxo Smithkline, Nigerian Aviation Handling Company, Conoil, P Z Cussons Nigeria were largely responsible for the All-Share Index depreciating by 2.41 per cent to close at at 28,566.79.
Meanwhile, the Market Capitalization appreciated by 7.91 per to close the week N13.922 trillion, driven by the listing of 3,758,151,504 ordinary shares on the main board of the Nigerian equity market.
According to the data released by the NSE, all all other indices finished lower except Banking Index that rose by 0.78 per cent.
Eighteen (18) equities appreciated in price during the week, lower than Twenty-one (21) in the previous week. Thirty-nine (39) equities depreciated in price, lower than Forty-four (44) equities in the previous week, while one hundred and eleven (111) equities remained unchanged, higher than one hundred and three (103) equities recorded in the preceding week.
Sovereign Trust Insurance gained 9.52 per cent to lead the 18 equities which appreciated this week, while Forte Oil shed -23.33 per cent to top the list of 21 equities which declined, and 111 equities remained unchanged.
Investors traded on 988.491 million shares worth N13.839 billion in 16,414 deals, compared to 1.025 billion shares valued at N9.911 billion that exchanged hands in 19,375 deals the previous week.
The Financial Services sector was the most active in terms of volume with 769.350 million shares valued at N7.238 billion traded in 8,530 deals; thus contributing 77.83 per cent and 52.30 per cent to the total equity turnover volume and value respectively.
The Conglomerates Industry followed with 55.223 million shares worth N92.483 million in 719 deals and followed by the ICT sector with a turnover of 42.080 million shares worth N4.144 billion in 839 deals.
Zenith Bank Plc, FBN Holdings Plc and Wapic Insurance Plc were the most active equities, accounting for 348.839 million shares worth N3.520 billion in 2,703 deals, contributing 35.29 per cent and 25.44 per cent to the total equity turnover volume and value respectively.
