Investors in the equities market of the Nigerian Stock Exchange (NSE) recorded a loss of N304 billion in first week trading in July.
Specifically, at the end of the five-day trading, the NSE All-Share Index dropped by 2.32 per cent to close at 29,270.95 basis points from 29,966.87 basis points, while market capitalisation closed at N12.902 trillion, a decline of 2.30 per cent from N13.206 trillion the market opened for trading.
Similarly, all other indices finished lower with the exception of the NSE Industrial Goods which appreciated by 3.28 per cent to 1,123.49 basis points.
The NSE Insurance Index, NSE Consumer Goods Index, NSE Oil/Gas Index and NSE Banking Index closed in negative as they dropped by 0.97 per cent, 2.84 per cent, 0.75 per cent and 5.44 per cent to 122.55 basis points, 604.68 basis points, 251.34 basis points and 346.90 basis points respectively due to sell pressures.
According to NSE, “a total turnover of 1.025 billion shares worth N9.911 billion in 19,375 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 1.771 billion shares valued at N28.036 billion that exchanged hands last week in 18,660 deals.
“The Financial Services industry (measured by volume) led the activity chart with 660.844 million shares valued at N5.735 billion traded in 11,296 deals; thus contributing 64.49 per cent and 57.87 per cent to the total equity turnover volume and value respectively. The Healthcare Industry followed with 95.150 million shares worth N61.699 million in 174 deals.
“The third place was Industrial Goods Industry with a turnover of 89.419 million shares worth N1.416 billion in 1,723 deals.
“Trading in the Top Three Equities namely, United Bank For Africa Plc, Zenith Bank Plc and FBN Holdings Plc (measured by volume) accounted for 297.889 million shares worth N3.095 billion in 3,998 deals, contributing 29.07 per cent and 31.23 per cent to the total equity turnover volume and value respectively.”