Investors lose N604b in 1wk on Nigerian Exchange

Trading closed on the Nigerian Exchange (NGX) last week on a bearish note with a loss of N604 billion following losses posted by highly capitalised stocks. Speficially, the market capitalisation which opened the week at N20.579 trillion lost N604 billion to close at N19.975 trillion.

Also, the All-Share Index dipped 1,157.82 points or 2.93 per cent to close at 38,324.07 in contrast with 39, 481.89 recorded on the first day of the week.

An analysis of the price movement chart showed that 26 equities posted price appreciated against 41 losers. While C&I Leasing led the losers’ chart in percentage terms with 18.80 per cent to close at N4.06 per share, Royal Exchange Assurance followed with a loss of 18.42 per cent to close at 62k, and Linkage Assurances Nigeria dipping 13.04  per cent to close at 60k per share. Conversely, Eternal topped the gainers’ table in percentage terms, gaining 21.21 per cent to close at N8 per share. Prestige Assurance gained 15.22 per cent to close at 53k, while Sterling Bank rose by 12.84 per cent to close at N1.67 per share. In all, 1.05 billion shares worth N11.54 billion were exchanged by investors in 17,233 deals during the week under review.

This is in contrast with a total of 840.33 million shares valued N9.56 billion traded in 13,239 deals the previous week.