It was yet another bearish week on the floor of the Nigerian Stock Exchange last week as the indices headed south for the forth consecutive week since middle of April, 2019. Both the All Share Index (ASI) and Market Capitalization depreciated by 1.25% at the end of trading on the 10th Of May, 2019.
The ASI which currently stood at 28,874 basic points lost 338 points during the week under review moving from 29,212 points last week. While Market Capitalization currently stood at N10.842 trillion lost by N335 billion from N10.979 trillion at the end of trading on 3rd of May, 2019.
The week activities also increased the ASI loss from the beginning of the year to 1,319 basic points representing a 5% dip while Market Capitalization had lost N594 billion from week 1, 2019 representing 5% dip.
The Volume of shares traded during the week however increased by 7 million. Value of stocks traded also decreased by N4.6 billion while the number of deals consummated follow suit as it increased by 2,648 from 18,092 the previous week to 20,470 as at week ended 10th May,2019.
The Financial Services Industry maintained its dominance of market activities at the NSE with 919.6 million shares valued at N7.5 billion traded in 11.975 deals; thus contributing 62%, 69% and 58% to the total equity turnover volume, value and number of deals respectively.
Trading in the Top Three Equities namely, Access Bank Nigeria Plc, Courtville Business Solutions Plc and United Bank for Africa Plc (measured by volume) accounted for 503.716 million shares worth N2.338 billion in 2,754 deals, contributing 34.11% and 21.50% to the total equity turnover volume and value respectively.
Stanbic IBTC Bank Plc and Eco Transnational Plc area among the top ten gainers at the NSE week ended 10th of May 2019 as the 2 stocks gained N2.50k and 30k respectively closing at N46 and N10.30k respectively. No bank featured among the top 10 decliners.