Bearish sentiments push stock market lower

The market capitalisation of equities listed on the Nigerian Stock Exchange saw a decline of 1.34 per cent last week on the back of bearish sentiments.

The market capitalisation closed the week at N14.660tn, down from N14.859tn the previous week. It stood at N14.930tn on May 4, 2018.

The NSE All-Share Index fell to 40,472.45 basis points on Friday from 41,022.31bps a week ago.

Similarly, all other indices finished lower with the exception of the NSE Consumer Goods Index which appreciated by 0.03 per cent, while the NSE ASeM Index closed flat.

A total turnover of 1.457 billion shares worth N23.666bn in 19,674 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.586 billion shares valued at N25.992bn that exchanged hands the previous week in 21,115 deals.

The financial services industry (measured by volume) led the activity chart with 1.223 billion shares valued at N16.825bn traded in 11,092 deals, thus contributing 83.98 per cent and 71.093 per cent to the total equity turnover volume and value respectively.

The consumer goods industry followed with 76.430 million shares worth N5.188bn in 3,425 deals, while the third place was occupied by the oil and gas industry with a turnover of 57.193 million shares worth N527.880m in 2,237 deals.

Trading in the top three equities namely, Zenith Bank International Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc (measured by volume) accounted for 491.649 million shares worth N14.159bn in 3,265 deals, contributing 33.75 per cent and 59.83 per cent to the total equity turnover volume and value respectively.

“With sentiment still largely bearish at week close, we expect the market to open this week on a negative note,” analysts at Vetiva Capital Management Limited said in a note.


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