|Investors in the nation’s stock market lost over N214 billion last week following massive selloff of shares of highly capitalized companies across the sub sectors on the Nigerian Stock Exchange, NSE.
Consequently, the market capitalization of the NSE which represents the total value of stocks traded on the exchange dropped from N9.246 trillion it opened on Tuesday to close on Friday at N9.032 trillion.
Analysis showed that performance in the first trading week of the year was majorly caused by profit taking in highly capitalized companies as the NSE All Share Index closed negative on three of the four trading sessions.
After the market had remained in the red for the first three trading sessions, it finally clinched its first positive close of the year on Friday, largely on the back of gains across banking stocks.
The banking sector which went up by 80 bases points, bps singlehandedly lifted the All Share Index. It was led by Access Bank with 228 bps, followed by Zenith Bank 18 6bps, First Bank Holdings, FBNH 174 bps and Guaranty Trust Bank 30bps.
The Oil & Gas sector nosedived by 56bps, occasioned by in Mobil Nigeria Plc. which dropped by 500bps and Forte Oil which declined by 21bps.
The Industrial Goods sector declined by 6bps following a decline in Cement Company of Northern Nigeria, CCNN by 484bps. The Consumer Goods sector however closed relatively flat amidst mixed performances in Guinness Nigeria which gained 139bps and Cadbury Nigeria which declined 500bps.