Stock market sheds N117bn as investors take profits
Written by crest887fm on September 6, 2021
The equities listed on the Nigerian Exchange Limited shed N117.03bn last week, with analysts attributing the market downturn to profit-taking by investors.
The NGX All-Share Index and market capitalisation declined by 0.57 per cent to close the week at 39,261.01 basis points and N20.456tn respectively, from 39,485.65bps and N20.57tn recorded the previous week.
At the end of trading on the floor of the exchange on Friday, the NGX Oil & Gas, NGX Industrial, NGX Banking and NGX Consumer Goods indices finished lower as the NGX Insurance, NGX AFR Div Yield, NGX MERI Growth, NGX Meri Value and NGX Sovereign Bond indices appreciated by 0.79 per cent, 0.11 per cent, 0.03 per cent, 0.31 per cent and 0.65 per cent, respectively. The NGX ASeM and NGX Growth indices closed flat.
A total turnover of 1.34 billion shares worth N8.65bn in 19,830 deals were traded last week by investors, compared to a total of 1.03 billion shares valued at N8.18bn that exchanged hands in 18,102 deals the previous week.
Measured by volume, the financial services industry led the trading activity chart with 615.59 million shares valued at N4.19bn traded in 9,021 deals, thus contributing 45.99 per cent and 48.42 per cent to the total equity turnover volume and value respectively.
The conglomerates industry followed with 253.39 million shares worth N280.79m in 1,126 deals.
In third place was the consumer goods industry, with a turnover of 185.85 million shares worth N1.59bn in 4,107 deals.