Nigerian stocks suffered the highest weekly loss since April 2019 as sell pressure dominated market activities on increasing regulatory pressures and the first case of the Coronavirus confirmed in the country last week. Trading activities on the floor of the Nigerian Stock Exchange on Friday closed on the negative route, worst seen since April 2019 as investors sold off their shares following regulatory pressures and Coronavirus outbreak.
The NSE All-Share Index and Market Capitalisation both depreciated by 4.28 per cent to close the week at 26,216.46 and N13.658tn respectively. All other indices finished lower with the exception of NSE Industrial Goods index which appreciated by 1.08 per cent while NSE ASeM Index closed flat. A total turnover of 1.55 billion shares worth N24.26bn in 21,646 deals were traded last week week by investors on the floor of the exchange, in contrast to a total of 1.5 billion shares valued at N17.91bn that exchanged hands previous week in 18,515 deals.
The financial services industry (measured by volume) led the activity chart with 1.267 billion shares valued at N17.205bn traded in 15,149 deals; thus contributing 81.91 per cent and 70.91 per cent to the total equity turnover volume and value respectively. The conglomerates followed with 84.990m shares worth N180.885m in 654 deals. The third place was consumer goods industry, with a turnover of 65.965 million shares worth N3.918bn in 2,235 deals.
Trading in the top three equities namely, Guaranty Trust Bank Plc, United Bank for Africa Plc, and Zenith Bank Plc. (measured by volume) accounted for 800.054 million shares worth N14.972 billion in 8,379 deals, contributing 51.72 per cent and 61.70 per cent to the total equity turnover volume and value respectively. Six equities appreciated in price during the week, lower than 24 equities in the previous week. 58 equities depreciated in price, higher than 28 equities in the previous week, while 99 equities remained unchanged, lower than 111 equities recorded in the preceding week.
A total of 8,250 units valued at N69.155.40m were traded last week in 14 deals, compared with a total of 1,040 units valued at N3.606m transacted the previous week in 12 deals. A total of 6,321 units of Federal Government Bonds valued at N7.194m were traded last week in 28 deals, compared with a total of 40,469 units valued at N47.681m transacted the previous week in 25 deals.