Investors in the Nigerian stock market lost a whopping N662.7 billion last week, the biggest lost in over five years, analysts told Blueprint.
The market sustained losses in all five days of trading, with the All Share Index (ASI) shedding three per cent of its value.
The lost brought the market capitalization to N21.2 trillion.
Market makers said, the huge fall was as a result in sell-offs in DANGCEM (-4.3er cent), GUARANTY (-15.7 per cent) and BUACEMENT (-7.2 per cent).
Activity level declined as average volume and value traded dipped 2.8 per cent and 20.3 per cent to 395.6 million units and N5.2 billion respectively.
The most traded stocks by volume were FBNH (194.0 million units), ZENITH (120.1 million units) and TRANSCORP (109.5 million units) while MTNN (N3.1 billion), ZENITH (N3.0 billion) and GUARANTY (N2.1 billion) led by value.
Performance across sectors was lacklustre w/w as all indices under our coverage lost save the AFR-ICT index which gained 0.6 per cent due to gains in MTNN (+1.1 per cent). The Banking index led the losers, down 8.8% following losses for GUARANTY (-15.7 per cent) and UBN (-11.2 per cent).
Trailing, the Insurance and Industrial Goods indices fell 6.5 per cent and 5.7 per cent respectively, following price declines in NEM (-18.0 per cent), AIICO (-10.7 per cent), DANGCEM (-4.3 per cent) and BUACEMENT (-7.2 per cent). Similarly, sell pressures in OANDO (-4.4 per cent), NNFM (-3.1 per cent) and FLOURMILL (-4.6 per cent) dragged the Oil & Gas and Consumer Goods indices down by 1.0 per cent and 0.9 per cent respectively.
