By Providence Obuh
The downturn in the secondary segment of the Nigerian capital market continued last week, as the value of investments on Nigerian Stock Exchange (NSE) dipped byÂ N177.72 billion.
Investment value, represented by the market capitalisation closed the week at N6.183 trillion, dropping by 2.8 per cent from N6.361 trillion at which it opened, while the All-share index, another performance indicator shed 730.68 basis points to close at 25,422.79 from 26,153.47 at which it opened.
The decline in the performance indices was brought about by losses on the share prices of majority of the listed equities, with 79 stocks recording price losses. Lafarge Cement WAPCO Nigeria Plc recorded the most share price loss dropping by N4.75 to close at N40.25 per share,Â Ashaka Cement Plc followed with a loss of N3.52 to close at N17.48 per share andÂ Benue Cement Company Plc dipped by N2.50 to close at per share N64.00 per share.
Other share price losers include: Cadbury Nigeria Plc N2.46, Oando Plc N2.32, Seven-Up Bottling Company Plc N2.25, Unilever Nigeria Plc N2.17, Julius Berger Nigeria Plc N2.15, PZ Cussons Nigeria Plc N1.56, Cement Company of Northern Nigeria Plc N1.3, among others.
On the other hand, 18 stocks recorded share price gains, led by Flour Mills Nigeria Plc, with a gain of N4.93 to close at N71.99 per share, followed by MRS Oil Nigeria Plc with a gain of N4.03 to close at N84.80 per share and Guinness Nigeria Plc garnered N2.00 to close at N155.00 per share.
Other share price gainers include: May & Baker Nigeria Plc N1.41, Presco Plc N0.34, Vitafoam Nigeria Plc N0.30, RT Briscoe Nigeria Plc N0.24, Custodian and Allied Insurance Plc N0.22, Chemical and Allied Products Plc N0.20, United Bank for Africa Plc N0.18, among others.
The declining trend continued in equity trading, as a turnover of 1.34 billion shares valued at N11.56 billion was recorded in the week under review in 64,900 deals, dropping by 25.56 per cent from the previous weekâ€™s turnover of 1.8 billion shares valued at N12.15 billion in 27,362 deals.
Banksâ€™ stocks recorded the highest patronage, as trading in the sub-sector accounted for 49.71 per cent of the market turnover, with 666.12 million shares valued at N5.52 billion in 15,5697 deals. Skye Bank Plc recorded the highest patronage in the sub-sector, trading 132.46 million shares valued at N1.07 billion in 785 deals.