THE bearish trend in the stock market continued unabated last week as 25 quoted companies witnessed different degrees of price losses, thereby resulting in decrease in investors’ wealth by N61 billion.
Among the stocks that depreciated in price last week were Vitafoam Nigeria Plc which led other decliners by 13.04 per cent from N2.30 to N2.00 per share. This was trailed closely behind by Fidson Healthcare Plc with negative return of 11.40 per cent to close at N1.01, followed by Nigerian Breweries Plc with drop of eight per cent to close at N115.00 per share and Chemical and Allied Products, CAP, Plc which fell by 7.50 per cent to close at N29.60 per share.
Other price losers include Eterna Plc, that went down by 6.70 per cent to close at N3.34 per share; Axamansard Insurance Plc, 6.25 per cent to close at N1.50; Guinness Nig. Plc, 6.23 per cent decline to close at N60.95; Stanbic IBTC Holdings Plc, 5.90 per cent to close at N16.75; Diamond Bank Plc, 5.75 per cent to close at N0.82, while NASCON Allied Industries Plc was down by five per cent to close at N7.03 per share.
Consequently, the market capitalisation, which represents investors’ wealth, depreciated by N61 billion, falling from N8.770 trillion during the previous week to N8.709 trillion, while the All Share Index, ASI, slumped to 25,164.91 points, representing 0.69 per cent decrease respectively.
Similarly, all the other indices closed lower within the week. The NSE 30 Index also decreased by 1.11 per cent to 1,104.90 points while the NSE banking index, NSE insurance index and NSE consumer goods index fell by 4.4 per cent, 1.75 per cent and 4.63 per cent to close at 276.15 points, 122.61 points and 569.06 points respectively.
Meanwhile, total deals, total transacted volumes and value traded votes fell by 3.30 per cent, 45.26 per cent and 16 per cent to 13,138 deals, 0.576 billion shares and N6.745 billion respectively.
The financial services industry, measured by volume, led the activity chart with 930.380 million shares valued at N5.701 billion traded in 8,759 deals; thus contributing 86.70 per cent and 66.24 per cent of the total equity turnover volume and value respectively.
The consumer goods industry followed with 52.480 million shares worth N1.992 billion in 2,513 deals, while conglomerates industry placed third with a turnover of 22.125 million shares worth N39.217 million in 499 deals.
Trading in the top three equities namely – Staco Insurance Plc, Zenith International Bank Plc and Guaranty Trust Bank Plc, measured by volume, accounted for 473.880 million shares worth N4.269 billion in 2,254 deals.