• Saturday, May 18, 2024
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BusinessDay

Stock market dips by 1.08% in week ended April 5

Decreasing participation in Nigerian equities reflects the story of the economy at large

In the four-day trading week ended Friday April 5, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation depreciated by 1.08 percent and 1.05 percent to close at 103,437.67 points and N58.498 trillion respectively.

All other indices finished the week lower with the exception of NGX Consumer Goods and
NGX Growth which appreciated by 0.94 percent and 0.32 percent respectively while the NGX ASeM and NGX Oil and Gas indices closed flat.

The market had opened for four trading days as Monday April 1 was Public Holidays to commemorate Easter celebration.

Thirty-one equities appreciated in price during the review week lower than 40 equities in the preceding week. Forty-two equities depreciated in price higher than 31 in the preceding week, while 81 equities remained unchanged, lower than 83 recorded in the preceding week.

The market recorded total turnover of 3.680 billion shares worth N57.892 billion in 40,726 deals, in contrast to a total of 1.804 billion shares valued at N52.040 that exchanged hands the preceding week in 38,550 deals.

The Financial Services Industry (measured by volume) led the activity chart with 2.881 billion shares valued at N46.201 billion traded in 21,257 deals; thus contributing 78.29 percent and 79.81 percent to the total equity turnover volume and value respectively.

The Services Industry followed with 479.156 million shares worth N2.282 billion in 2,142 deals, and the Conglomerates Industry, with a turnover of 123.591 million shares worth N1.651 billion in 2,849 deals.

Trading in the top three equities namely Abbey Mortgage Bank Plc, Tourist Company of Nigeria Plc and Zenith Bank Plc (measured by volume) accounted for 2.175 billion shares worth N20.667 billion in 2,594 deals, contributing 59.10 percent and 35.70 percent to the total equity turnover volume and value respectively.