The bearish run in the Nigerian stock market continues as capitalization dipped by N239 billion in four trading days.
Market capitalization dropped by N239 billion from N14.992 trillion recorded last week Thursday to N14.753 trillion. Also, the All-share index, which measures the performance of, listed equities declined by 663.37 points or 1.6 per cent, from 41,504.51 to 40,841.14.
In spite of the bearish run, market analysts predict positive outlook on the market, even as firms continue to release strong 2017 earnings and expectations of an impressive Q1 result.
Further analysis of last week’s transactions showed that a total turnover of 1.765 billion shares worth N26.562 billion deals were recorded in 20,265 by investors on the floor of the Exchange in contrast to a total of 2.328 billion shares valued at N28.927 billion that was exchanged in 25,530 deals during the preceding week.
The financial services industry (measured by volume) led the activity chart with 1.468 billion shares valued at N18.707 billion traded in 12,850 deals; thus contributing 83.18 per cent and 70.43 per cent to the total equity turnover volume and value respectively.
The conglomerates’ industry followed with 127.882 million shares worth N623.871 million in 971 deals. The consumer goods ranked third with a turnover of 69.868 million shares worth N6.189 billion in 2,930deals.
Trading in the top three equities namely – Zenith International Bank Plc, Access Bank Plc and United Bank for Africa Plc (measured by volume) accounted for 543.758 million shares worth N9.739 billion in 3,533 deals, contributing 30.81 per cent and 36.66 per cent to the total equity turnover volume and value respectively.
