Investors sell-off in highly capitalized shares on the Nigerian Stock Exchange (NSE) depreciated the equities market by N78billion last week.
The likes of Nestle Nigeria Plc, Presco Plc, Stanbic IBTC Holdings Plc, and MTN Nigeria recorded share price depreciation leading to market capitalization to N13.155 trillion from N13.233trillion the market opened for trading last week.
Nestle Nigeria share price depreciated by N79.70 to N1,350.30 from N1,430.00 while Presco’s share price closed last week at N50, dropping N5.00 from N55.00 it opened for trading.
The share price of Stanbic IBTC Holdings dropped by N1.85 to N40.65 from N42.50 while MTN Nigeria the share price dipped by N5.60 to N130 per share.
With the decline in market capitalization, the NSE All-Share Index (NSE ASI) also depreciated by 0.65 per cent or 195.41 basis points to 29,851.29 basis points from 30,046.70 basis points to bring the Year-Till-Date (YTD) performance to -5.02 per cent.
All other indices finished higher with the exception of the NSE-Main Board Index, NSE Premium Index, NSE MERI Growth Index, NSE Consumer Goods Index, and NSE Lotus II which depreciated by 0.49per cent, 0.77per cent, 0.83per cent, 1.64per cent and 1.54per cent respectively while NSE ASeM Index closed flat.
According to NSE, the total turnover of 7.476 billion shares worth N91.107 billion in 17,192 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 868.739 million shares valued at N15.792 billion that exchanged hands last week in 12,201 deals.
The report by NSE stated that “The Financial Services Industry (measured by volume) led the activity chart with 6.121 billion shares valued at N17.460 billion traded in 8,479 deals; thus contributing 81.87per cent and 19.16per cent to the total equity turnover volume and value respectively.
“The Oil & Gas Industry followed with 1.002 billion shares worth N65.058 billion in 2,019 deals. The third place was ICT Industry with a turnover of 115.320 million shares worth N3.387 billion in 866 deals.