The Nigerian stocks ended up the week with depreciation worth N749.8 billion on Friday as the main equity index relieve at 1.21%, which was triggered by a sell-off in bank shares.
It was a difficult week for bank stocks in finding investors, which has set the banking index (the benchmark that tracks the top lenders by market capitalization and liquidity) on a free fall since the start of the trading week.
MTN Nigeria contributed most to the drop with support from big lenders like Zenith, GTCO, Access Corporation, and FBN Holdings.
The was a negative sweep as 11 losers emerged against 24 advancers.
The all-share index declined from 633 points to 51,778.1, while market capitalization reduced to N27.9 trillion. Since the beginning of the year, the index has returned 21.2%.
Some of the gainers are Ellah Lakes led advancers, appreciating by 8.40% to N4. UACN climbed up by 6.48% to N11.50. Livestock added up 6.12% to end trade at N1.56. Living Trust advanced by 5.26% to N1.20. Mutual Benefits rose to N0.25, notching up 4.17%.
Whereas some lose big like McNichols topped the losers’ chart, plunging from 9.76% to close at N1.85. Ardova went down by 9.70% to end trade at N13.50. International Breweries fell to N6.25, losing 9.42%. Courtville slumped to N0.49, recording a 9.26% slip. ETI closed at N10.10, going down by 8.60%.
In all, 233.8 million shares valued at N3.6 billion were traded in 4,964 deals. Jaiz was the most active stock, with 40.4 million of its shares worth N36.9 million traded in 79 deals. UBA saw 35.7 million units of its shares priced at N269.4 million exchanged hands in 245 transactions. Zenith traded 33.1 million shares valued at N716.1 million in 932 deals. GTCO traded 16.5 million shares estimated at N354.6 million in 448 transactions. Transcorp transacted 10.9 million shares valued at N14 million in 95 deals.
