Nigeria: Investors lose N405bn in worst week so far this year

Feb 02, 2020
The Nigerian bourse recorded its worst trading week so far in 2020 this week as profit-taking cost the market a staggering N405 billion in five days.
 
There bear maintained its stranglehold on the market Monday through Friday, spurred in part by the underwhelming financial performance of a number of quoted companies as company results came in fast and furious.
 
60 companies released their financial results between Monday and Friday.
 
All the key market performance indicators depreciated. A negative market breadth was recorded this week as 17 gainers emerged against 44 losers. The All Share Index (ASI) grew marginally by 2.65% to 28,843.53 basis points. Market Capitalisation similarly grew by the same margin to N14.857 trillion.
 
Trade Volume of 1.561 billion shares worth N26.073 billion was recorded in 21,444 deals this week compared to the 1.237 billion shares valued at N22.762 billion posted in 21,156 deals last week.
 
On the Activity Chart, the Financial Services sector dominated trade with 1.154 billion shares estimated at N13.650 billion traded in 11,306 transactions. In other words, it contributed 73.93% and 52.35% to the total equity volume and value respectively. The Consumer Goods sector followed, trading 137.115 million shares worth N3.177 billion in 2,908 deals. The ICT sector came third, trading 94.464 million shares priced at N6.554 billion in 894 deals.
 
As regards Index Movement, all indices depreciated with the exception of NSE Insurance and NSE Consumer Goods, which grew by 0.90% and 0.09% respectively. The NSE ASem Index closed flat.
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