Nigerian Stocks Market In Record Biggest Fall In Eight Years, Drops N301bn.
Nigerian stocks recorded its biggest weekly fall in 8-years on Friday, as the All Share Index plummets 3.04 per cent for the week.
The ASI which opened at 41,014.30 basis point, fell by 1.40 per cent to close at 40,439.85 basis point on Friday.
Nigerians have feared the sustainability of the heights reached by the equity market and Friday results have confirmed the fear.
Aside the profit made by the nation’s bourse on Thursday, stocks have fallen for eight days leading to the biggest weekly fall since July 2013.
Significantly, the market capitalisation declined by N301 billion, closing at N21,155 trillion down from N21.456 trillion on Thursday.
The sharp depreciation of equities was majorly influenced by fall in the stocks highly capitalized brands like Dangote Cement and BUA Cement and lower equities; Livestock Feeds, NEM Insurance and Sovereign Trust Insurance.
Also, the market turnover decreased significantly, as investors traded 395.623 million shares worth N5.190 billion in 5,321 deals as against the 1.274 billion shares worth N6.397 billion in 6,573 deals traded the previous day.
The market breadth was however, positive with 30 gainers and nine losers, as against 45 losers compared to seven losers on Thursday.
The losers’ table was led in percentage terms by
Livestock feeds, declining by 9.78 per cent to close at N2 .03 per share.
NEM Insurance shed 9.69 per cent to close at N2. 05 per share, while BUA Cement fell 7.22 per cent to close at 73.3 per share.
Sovereign Trust Insurance and Dangote Cement Plc lost 7.14 and 3.51 per cent to close at 26 Kobo and N220 per share respectively.
The gainers’ table was dominated in percentage terms by UAC Property, gaining 9.59 per cent to close at 8 Kobo.
Link Assurance gained by 9.26 per cent to close at 59 Kobo per share, while Japaul Gold surged 9.23 per cent to close at 71 Kobo.
Unity Bank also rose by 9.23 per cent to close at 71 Kobo per share, while African Alliance Insurance leapt 9.09 per cent to close at 24 Kobo per share.
Zenith Bank was both the most active and valuable stock, trading at 55.601 million shares worthN1.374 billion.
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