Business
Nigeria’s stock market records N581bn loss in November
The stock market in the country made a loss of N581 billion in the month of November, substantially on the heels of sell offs.
Market capitalisation of equities listed on the Nigerian Stock Exchange dropped from N11.852tn on October 31, 2018 to N11.271tn on November 30.
The persistent poor market performance worsened last week as sell-offs persisted, with the All Share Index declining on four of the five trading sessions in the week, falling by 2.5 per cent week-on-week to settle at 30,874.17 basis points.
The year-to-date loss further weakened to -19.3 per cent.
Trading activity weakened last week as the average volume and value traded decreased by 25.2 per cent and 50.6 per cent week-on-week to 249.422 million units and N2.393bn, respectively.
Read also: CBN projects inflation rate to rise to 11.4
A total turnover of 1.199 billion shares worth N14.277bn in 15,841 deals were traded during the week by investors on the floor of the Exchange in contrast to a total of 1.282 billion shares valued at N23.142bn that exchanged hands in the previous week in 11,467 deals.
The NSE, in its weekly market report, said the financial services industry (measured by volume) led the activity chart with 963.315 million shares valued at N7.536bn traded in 8,871 deals, adding that this contributed 80.38 per cent and 52.79 per cent to the total equity turnover volume and value, respectively.
The consumer goods industry followed with 83.001 million shares worth N4.213bn in 2,802 deals. The third place was the industrial goods industry with a turnover of 60.782 million shares worth N1.976bn in 1,639 deals.
Trading in the top three equities, namely Diamond Bank Plc, Access Bank Plc, and Universal Insurance Plc, (measured by volume) accounted for 512.535 million shares worth N1.367bn in 1,437 deals, contributing 42.76 per cent and 9.57 per cent to the total equity turnover volume and value, respectively.
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