STOCK MARKET: Bad omen as investors lose N158bn amid market slump of N48bn

Investors in the Nigerian stock market lost N158bn in March while the market slumped by N48bn in the first quarter of the year.

After opening with at 31,721.76 basis points with a market capitalisation of N11.830bn, it hit 32,173 basis points and a market capitalisation of N11.998tn on March 5 and went ahead to close at 31,041.42bps with a market capitalisation of N11.672tn on the last trading day of the month.

A further analysis reveals a N158bn loss between the first and last day of trading for the month under review.

On March 27, the market dropped to its lowest point during the month on March 27 at 30,829.45bps, judging by the All-Share Index while the market capitalisation index showed a drop on March 21 at N11.518tn.

There was total turnover of 2.629 billion shares worth N12.794bn were traded in 15,558 deals by investors on the floor of the Exchange during the last week of the month.

Contrastingly, a total of 1.198 billion shares valued at N12.273bn that exchanged hands in the previous week in 18,293 deals.

Leading the activity chart was the financial services industry (measured by volume) with 2.346 billion shares valued at N8.602bn traded in 9,331 deals, thus contributing 89.23 per cent and 67.23 per cent to the total equity turnover volume and value, respectively.

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This is followed by the Information and Communications Technology industry with 140.531 million shares worth N28.117m in 113 deals.

On the third spot is the consumer goods industry with a turnover of 54.152 million shares worth N2.099bn in 2,613 deals.

Trading in the top three equities namely Wema Bank Plc, Chams Plc and Zenith Bank Plc (measured by volume) accounted for 1.948 billion shares worth N3.449bn in 1,642 deals.

This led to the contribution of 74.08 per cent and 26.96 per cent to the total equity turnover volume and value, respectively.

Market capitalisation appreciated by 0.51 per cent while The ASI depreciated by 0.31 per cent to close the week at N11.672tn and 31,041.42bps respectively.

Eterna Plc, Red Star Express Plc, Ikeja Hotel Plc, C & I Leasing Plc and Associated Bus Company Plc were the top five gainers of the week with share prices gaining 10.42 per cent, 10 per cent, 9.94 per cent, 9.90 per cent and 8.16 per cent, respectively.

The top five losers included Fidelity Bank Plc, Dangote Flour Mills Plc, Sovereign Trust Insurance Plc, Mutual Benefits Assurance Plc and Academy Press Plc, which saw their respective share prices shed 13.08 per cent, 12.07 per cent, 9.09 per cent, 8.33 per cent and 8.33 per cent.

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