Stock investors lose N186bn in three days

Investors in the nation’s equity market lost a total of N186bn in the three trading days witnessed last week.
 

It was a brief trading week as the market opened for three days in observance of the public holidays (Monday and Tuesday) declared by the federal government to mark the Eid-El-Kabir.

The equity market extended its downtrend for a second consecutive week, ending the week with a 140 basis points week-on-week loss, taking its year-to-date loss to 14.33 percent.

The market capitalisation dropped to N13.12tn last week from N13.307tn recorded on Friday of the previous week.

After opening the week with 82bps loss, sell-offs softened on the Nigerian Stock Exchange by Thursday before closing the week with a 47bps decline on Friday.

The consumer goods sector was the worst performing sector last week, following losses in heavyweights such as Nestle Nigeria Plc and Unilever Nigeria Plc.

The banking sector shed the least points amid declines in Guaranty Trust Bank Plc and Ecobank Transnational Incorporated.

The industrial goods sector also closed in the red last week, held down by losses witnessed in Dangote Cement Plc and Lafarge Africa Plc.