Over N500bn lost in Nigerian stocks this week

The record three days of negative closes this week has reduced cumulative value of listed equities on the Nigerian Exchange (NGX) Limited by about N541billion, BusinessDay trend watch shows.

The market’s benchmark indicator has also decreased by 2.66 percent this week, firming the Bourse voyage into the bearish region. Year-to-date (ytd) the market has decreased by 4.53percent.

Industrial, banking, insurance stocks and consumer goods stocks are the worst hit this week while Oil & Gas counters continue to see increased bargains.

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Both indicators had opened this week at 39,481.89 points and N20.579 trillion respectively.

Market watcher see another negative trading pattern on Thursday as investors continue to sell-down stocks in the banking and consumer spaces, but gradually raising bets in industrial and Oil & Gas counters.

The NGX All Share Index (ASI) decreased by 1.48percent at the close of trading on Wednesday. The Nigerian Exchange (NGX) Limited All Share Index (ASI) and market capitalisation which opened for trading on Wednesday at 39,023.28 points and N20.339trillion respectively closed at 38,446.09 points and N20.038trillion.

At the close of trading session on Wednesday, May 19, investors in 3,494 deals exchanged 153,643,309 shares valued at N2.445billion.

Airtel led on the losers table after its share price moved down from N930 to N837, losing N93 or 10percent, followed by C&I Leasing which dipped from N5 to N4.50, shedding 50kobo or 10percent.

On the gainers table, MRS increased most, from N11 to N12.10, adding N1.10 or 10percent, while Seplat followed after rising from N620 to N682, up by N62 or 10percent. UACN, Zenith, Fidelity, Transcorp and Access were most traded stocks.