Stock Market Records Poor Outing

THE stock market posted a turnover of 1.848 billion shares worth N13.863 billion in 20,435 amid bearish trend, which depreciated all the market indices in contrast to a total of 2.243 billion shares valued at N19.359 billion exchanged in the preceding week in 23,053 deals.At the close of trading activities on Friday, the Financial Services sector accounted for 1.113 billion shares valued at N8.868 billion traded in 11,489 deals. This was followed by Information Communication Technology with 358.012 million shares valued at N818.097 million traded in 42 deals.Banking was the most active with 1.026 billion shares worth N8.814 billion exchanged by investors in 10,910 deals. This was due largely to trading on the shares of UBA, GTB, and First Bank, which all together accounted for 458.197 million shares or 56.00 per cent of the turnover.All-Share Index (ASI), which opened at 22,622.44 at the beginning of the week, dipped by 241.33 points (or 1.07 per cent) to close on Friday at 22,381.11. All the other sectorial indices closed downward with NSE 30, consumer goods, banking, insurance and oil/gas depreciating by 241.33 points (or 1.07 per cent), 15.02 points (or 1.46 per cent), 29.67 points (or 1.61 per cent), 9.52 points (or 2.87 per cent), 1.92 points (or 1.49 per cent) and 1.57 points (or 0.79 per cent) respectively.Market capitalisation was also not spared in the downward movement trend as it decreased from N7.214 trillion to N7.137 trillion during the week.
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