By Nkiru Nnorom

Investors lost N155 billion in the two trading days the stock market opened for transactions last week following massive sell-off on the shares  of Skye Bank and Diamond Bank Plc. The market had opened weak on Monday as the Nigerian Styock Exchnage , NSE market capitalisation of listed equities slumped by N104 billion to close at N9.961 trillion from the previous close of  N10.065 trillion. It went further down by another N51 billion on Friday to close at N9.910 trillion, representing 1.54 per cent decline. In the same vein, the All Share Index, ASI, nose-dived by 1.54 per cent from 29,305.40 points to settle at 28,854.98 points.

The banking sector, closed as second poorest performing sector in the sectoral level with 2.62 per cent decline to settle at 1,276.36 points. This was impacted by  17.14 per cent and 12.61 per cent decrease in Skye Bank and Diamond Bank Plc respectively.

The industrial goods sector, driven by negative sentiment on Beta Glass Company Nig. Plc, led the decliners with 4.33 per cent to settle at 2,011.30 points. The insurance sector closed lower at 136.82 points, representing 1.88 per cent decline, followed by consumer goods sector with 1.28 per cent to close at 709.59 points, while the oil and gas sector trailed behind with 1.10 per cent to settle at 322.44 basis points. The NSE 30 index fell 1.76 per cent to settle at 1,276.36 points.

However, analysts at a Lagos-based investment bank, United Capital Plc projected a rebound in activities this week, saying: “We think equities prices were impacted by overhang from the long holidays, and we expect demand to pick-up in the near term.”

Gainers and losers

Nine equities appreciated in price during the week, lower than 22 equities of the previous week. 48 equities depreciated in price, lower than 52 equities of the previous week, while 123 stocks remained unchanged higher than 106 equities recorded in the preceding week. Skye Bank’s shares deprecated by 17.14 per cent or N0.18 to close at N0.87 from N1.05, followed by Diamond Bank Plc with 12.61 per cent decline to close at N2.01 from N2.30 per share. Honeywell FlourMills Plc went down by 11.80 per cent or N0.19 to close at N1.42 from N1.61; Beta Glass was down 9.74 per cent or N4.17 to close at N38.66 from N42.83 per share, while GlaxoSmithKline closed as top five loser, dropping by 9.73 per cent or N2.24 to close at N20.78 from N23.02.

Oando Plc, on the other hand, led the gainers, rising by 20.33 per cent or N1.36 to close at N8.05 from N6.69, followed by Unity Bank Plc, which rose by 8.03 per cent or N0.08 to close at N1.07 from N0.99. Others are Stanbic IBTC Holdings Plc with 5.40 per cent or N0.85 price increase to close at N16.60 from N15.75; Greif Nigeria Plc appreciated by 4.98 per cent or N0.46 to close at N9.69 from N9.23, while Red Star Express Plc notched-up by 4.88 per cent or N0.21 to close at N4.51 from N4.30 per share.

Volume, value traded 

A turnover of 377.798 million shares worth N3.641 billion in 7,466 deals were traded by investors on the floor of the Exchange in contrast to a total of 1.469 billion shares valued at N17.065 billion that exchanged hands the previous week in 21,246 deals.