Nigerian stock market closes on negative week as investors lose N23 billion

Nigerian equity markets closed the week on a negative note as investors lost N23 billion at the close of trading on Friday.

This follows the decline in stock prices such as UPDCREDIT, JULIUS BERGER, and IKEJA HOTEL, among others on the trading floor today.

After five hours of trading in the capital market, equity capitalization plunged to N56.5 trillion from N56.6 trillion posted by the exchange on Thursday.

The All Share Index (ASI) rose to 100,022.03 from 100,065.68 recorded the previous day.

Market breadth was positive as 31 stocks rose and 26 stocks fell, while 63 stocks remained unchanged in 8,551 trades.

CONOIL, OANDO and VERITASKAP led other gainers with share price growth of 10%, 9.68% and 9.52 respectively to close at N126.50, N17.00 and N1.15 from N115.00, N15.50 and N1.05 per share previously.

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On the other hand, UPDCREDIT, JULIUS BERGER and IKEJA HOTEL led other price decliners as they dropped by 10%, 9.59% and 9.15% respectively to close at N4.50, N88.60 and N6.95 from opening prices of N5.00, N98.00 and N7.65 per share.

On the volume index, OANDO led the trading with 53 million shares worth N901 million in 755 deals followed by AIICO which traded 30 million shares worth N34 million in 164 deals.

VERITASKAP traded 26 million shares worth N30 million in 154 transactions.

On the value index, TRANSPOWER recorded the highest value for daily traded shares worth N1.01 billion in 91 transactions followed by OANDO which traded equities worth N901 million in 755 transactions.

By: Babajide Okeowo

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