Stock investors lose 1.7 billion naira in a week
Investors lost 1.7 tn at the end of trading on the floor of the Nigerian Exchange Limited last week, following sharp declines in shares of Airtel Africa Plc, Beta Glass Plc and NEM Insurance Plc.
The market opened the trading week with N25.91tn on October 14, 2022 to close at 24.182tn on October 21, 2022.
The depreciation was mainly caused by the collective loss of N2.3tn by Airtel Africa, Beta Glass and NEM Insurance at the end of the trading week to top the losers log.
Airtel Africa Plc topped the losers chart, losing 27.10% from N1,800 per share to N1,312 per share. Beta Glass Plc's share also fell 9.98% to close at N41.50 per share from N46.10 at the start of the trading week.
The local stock market closed in the red down 667 basis points or 6.7% since the start of the week.
The insurance index was the big loser, falling 370 basis points to end the week under review, with value traded at 4.4 million naira and volume traded of 6.6 million units.
Similarly, the oil and gas index fell 150 basis points, with volume and value traded closing at 702,745 units and 11.7 million naira, and the index consumer goods fell 90 basis points as volume and value traded closed. at 3.3 million units and N67.9 million respectively.
In contrast, the Industrial Goods and Bank indices gained 320 and 120 basis points respectively. The volume at the end of the week traded for the two indices closed at 1.6 million units and 65.0 million units while the value traded closed at 50 million naira and 1.7 billion naira respectively.
A total turnover of 938.020 million shares worth N16.701 billion in 15,700 trades was traded during the week by investors on the Stock Exchange floor , against a total of 491.815 million shares worth N11.922 billion which exchanged hands last week in 14,350 transactions.
As measured by volume, the financial services sector leads the business chart with 501.278 million shares valued at N5.080 billion traded in 8,279 transactions; thus contributing 53.44% and 30.42% respectively to the volume and value of the total stock turnover.
The ICT industry followed with 316.347 million shares worth N8.729 billion in 1,249 transactions and the oil and gas industry with a turnover of 28.244 million shares worth N983.561 million in 846 transactions.
Speaking with The Punch on the performance of the week, a financial market analyst, Mr. Tajudeen Olayinka, said that the market would witness a prolonged rally in stocks across the board and that the recovery would take place once the economy stabilized.
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Investors lost 1.7 tn at the end of trading on the floor of the Nigerian Exchange Limited last week, following sharp declines in shares of Airtel Africa Plc, Beta Glass Plc and NEM Insurance Plc.
The market opened the trading week with N25.91tn on October 14, 2022 to close at 24.182tn on October 21, 2022.
The depreciation was mainly caused by the collective loss of N2.3tn by Airtel Africa, Beta Glass and NEM Insurance at the end of the trading week to top the losers log.
Airtel Africa Plc topped the losers chart, losing 27.10% from N1,800 per share to N1,312 per share. Beta Glass Plc's share also fell 9.98% to close at N41.50 per share from N46.10 at the start of the trading week.
The local stock market closed in the red down 667 basis points or 6.7% since the start of the week.
The insurance index was the big loser, falling 370 basis points to end the week under review, with value traded at 4.4 million naira and volume traded of 6.6 million units.
Similarly, the oil and gas index fell 150 basis points, with volume and value traded closing at 702,745 units and 11.7 million naira, and the index consumer goods fell 90 basis points as volume and value traded closed. at 3.3 million units and N67.9 million respectively.
In contrast, the Industrial Goods and Bank indices gained 320 and 120 basis points respectively. The volume at the end of the week traded for the two indices closed at 1.6 million units and 65.0 million units while the value traded closed at 50 million naira and 1.7 billion naira respectively.
A total turnover of 938.020 million shares worth N16.701 billion in 15,700 trades was traded during the week by investors on the Stock Exchange floor , against a total of 491.815 million shares worth N11.922 billion which exchanged hands last week in 14,350 transactions.
As measured by volume, the financial services sector leads the business chart with 501.278 million shares valued at N5.080 billion traded in 8,279 transactions; thus contributing 53.44% and 30.42% respectively to the volume and value of the total stock turnover.
The ICT industry followed with 316.347 million shares worth N8.729 billion in 1,249 transactions and the oil and gas industry with a turnover of 28.244 million shares worth N983.561 million in 846 transactions.
Speaking with The Punch on the performance of the week, a financial market analyst, Mr. Tajudeen Olayinka, said that the market would witness a prolonged rally in stocks across the board and that the recovery would take place once the economy stabilized.
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