Investors lost N1.7tn at the end of trading on the floor of the Nigerian Exchange Limited last week, following major dips in Airtel Africa Plc, Beta Glass Plc, and NEM Insurance Plc stocks.
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 majorly caused by collective loss of N2.3tn by Airtel Africa, Beta Glass and NEM Insurance at the end of the week’s trading to top the losers’ log.
Airtel Africa Plc led the losers’ chart, shedding 27.10 per cent to N1,312 per share from N1,800 per share. Beta Glass Plc’ share also dropped 9.98 per cent to close at N41.50 per share from N46.10 at the opening of the trading week.
The local bourse closed in red declining by 667 basis points or 6.7 per cent week-to-date.
The Insurance index was the top loser, which declined by 370bps to end the week under review, with value traded at N4.4m and volume traded amounting to 6.6 million units.
Similarly, the Oil and Gas index declined by 150 basis points, with volume and value traded closing at 702,745 units and N11.7m and the Consumer Goods index which declined by 90bps, with volume and value traded closing at 3.3mn units and N67.9m respectively.
On the other hand, the Industrial Goods and Banking indices gained 320bps and 120bps respectively. The volume at the end of the week traded for both indices closed at 1.6 million units and 65.0 million units while the value traded closed at N50m and N1.7bn respectively.
A total turnover of 938.020 million shares worth N16.701bn in 15,700 deals was traded during the week by investors on the floor of the Exchange, in contrast to a total of 491.815 million shares valued at N11.922bn that exchanged hands last week in 14,350 deals.
As measured by volume, the Financial Services Industry led the activity chart with 501.278 million shares valued at N5.080bn traded in 8,279 deals; thus contributing 53.44 per cent and 30.42 per cent to the total equity turnover volume and value respectively.
The ICT Industry followed with 316.347 million shares worth N8.729bn in 1,249 deals and the Oil and Gas Industry, with a turnover of 28.244 million shares worth N983.561m in 846 deals.
Speaking with The Punch on the week’s performance, a capital market analyst, Mr Tajudeen Olayinka, said the market would witness a prolonged reprising of securities across board, and that recovery would take place once the economy became stable.