In just four trading days, the value of Nigerian equities market dropped by N170bn as investor apathy weighs on the local bourse performance.
In the four days to September 4, 2014, the stock market recorded increased sell-off, which reflected on the market’s benchmark performance indicators –the Nigerian Stock Exchange (NSE) All Share Index (ASI) and market capitalisation.
Analysts said last week that current momentum suggests the bearish mood may be sustained in today trading; adding that though there might be some level of bargain hunting as stock prices portend good entry opportunities for investment.
The NSE ASI dropped from week-open level of 41,398.05 points to close last week at 41,017.49 points.
The market capitalisation of equities listed on the main board dropped from a high of N13.669trn at the beginning of this week trading to N13.543trn at the close of deals last week.
Last week, investors bought 2.25bn shares worth N38.87bn, in 5,304 deals, compared to 201.06m shares worth N2.44bn, in 5,392 deals that exchanged hands the preceding trading day (Wednesday).
A total of 17 stocks gained on the bourse while 38 stocks declined leaving 57 stocks unchanged. Nestle Nigeria plc led the laggards list after its share price dropped from N1047 to N1031, losing N16; while on the positive side, International Breweries Plc led the gainers after its share price rose from N28.01 to N29, adding N0.99.
Actively traded equities last week include that of Ecobank, Transnational Incorporated Plc, Fidelity Bank Plc, Transnational Corporation Plc, Sterling Bank Plc and UBA Capital Plc.