The Nigerian capital market declined by 1.36 per cent last week on the back of losses by PZ Cussons, McNichols, Secure Electronic Technology and 39 other equities.
The All-Share Index depreciated by 1.36 per cent to 98,233.76 point and market capitalisation shed 1.35 per cent to close the week at N55.56tn.
PZ Cussons, Mcnichols and Secure Electronic Technology lost 26.97 per cent, 20.18 per cent and 16.95 per cent to lead other laggards.
On the other hand, Tantalizers (27.78 per cent), FTN Cocoa Processors (20 per cent) and Presco (15.31) topped 37 other gainers last week.
Investors traded 2.187 billion shares worth N50.667bn in 45,277 deals compared to 1.941 billion stocks valued at N32.644bn that exchanged hands in 35,807 deals in the previous week.
In terms of volume, the financial services industry was the most active with 1.428 billion shares valued at N28.85bn traded in 24,418 deals; contributing 65.29 per cent and 56.94 per cent to the total equity turnover volume and value respectively.
Also, the consumer goods industry came in second with 385.661 million shares valued at N9.92bn in 5,826 deals, while the conglomerates industry came in third place with 3,271 deals totalling 133.697 million shares valued at N1.715bn.
The United Bank for Africa Plc, Nigerian Breweries Plc, and Access Holdings Plc which accounted for 46.63 per cent and 46.64 per cent of the total equity turnover volume and value, respectively, were the top three traded stocks.
“Looking ahead to the coming week, mixed sentiment is anticipated in the market as bulls and bears vie for dominance, while market players remain attuned to corporate actions in anticipation of dividend income. Despite this, pockets of gains are expected as fiscal and monetary policies strive to steer the nation’s economy towards recovery, notwithstanding the forthcoming April 2024 CPI report and Q1 2024 Nigeria’s GDP report,” Cowry Asset analysts projected.
SOURCE: PUNCHNG
